Bruneau Mining Corp says it has an agreement in principle with Montclerg Resources, for Bruneau to earn a 60% interest in Montclerg’s gold property in Walker and Clergue twps., near Timmins, Ont.
Bruneau would have to make yearly staged payments of $285,000 and carry out $1.5 million in exploration work by Dec 31, 1990, to earn its interest in the property.
Bruneau says previous drilling on the Montclerg property indicated reserves of more than 370,000 tons averaging 0.132 oz gold per ton. The property is located about five miles east and along the same Pipestone Fault structure hosting the Bruneau/Canamax Clavos gold deposit, which is approaching a preliminary feasibility study stage.
An initial drill program will be carried out to test for extensions of the known gold mineralization on the property, once a formal agreement has been signed, Bruneau says.
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