Cambior options Siscoe property from Maufort

Cambior has taken an option on Ressources Maufort’s Siscoe property in northwestern Quebec’s Val d’Or area.

Cambior, which will act as operator on the project, can earn a 50% interest by completing two phases of exploration. The first is expected to cost about $6 million with Maufort contributing 75% and Cambior 25%. The second phase involves expenditures of about $5 million funded solely by Cambior.

The agreement also calls for Cambior to buy 400,000 Maufort shares in its current financing and an additional $200,000 worth of shares in 1988. Cambior will be represented on Maufort’s board of directors.

The Siscoe property is located about 10 km northwest of Val d’Or. The former Siscoe gold mine, located on the property, produced some 3.2 million tons of ore grading 0.27 oz gold per ton between 1929 and 1949.

Phase one of the exploration program, due to begin early in 1987, will focus on the K and 86 zones with the entire project to include both surface and underground exploration.