The largest of the four properties is the 243-claim Caribou Lake claim block, situated 12 km north of the McNickel copper-nickel prospect. The other properties, known as the Caribou East, Caribou West, and Mistassibi blocks, comprise 84, 39, and 11 claims respectively.
President Richard Nemis said the initial work program, operated by consultants Flanagan-McAdam & Co., will consist of stripping, trenching and sampling and is designed to explore geophysical anomalies identified by a previous airborne survey. The second stage will consist of diamond drilling, he said.
The main Caribou Lake block is reported to host a 1.5-km long electromagnetic conductor coincident with surface sulphide showings, while the Caribou East and Mistassibi blocks each host discrete magnetic anomalies.
Blue Emerald has the right to earn a 60% interest in the properties by spending $1.5 million within three years. Toronto-based Chesbar Resources (TSE) recently entered into an agreement to take over ownership of properties from 140125 Canada Inc., a private company controlled by Flanagan and McAdam.
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