Cancor Mines (KCR-T) has agreed to acquire Aur Resources‘s (AUR-T) 49% stake in the Turgeon polymetallic project in Quebec.
To acquire the stake, and attain full ownership, Cancor will issue 100,000 shares and grant Aur a 2% net smelter return on production from the property.
The 125-claim project is located in Laberge and Casa-Berardi townships, south of Aurizon Mines‘s (ARZ-T) Casa Berardi gold property, and adjacent to Cancor’s polymetallic Gemini project.
Gemini is host to two massive sulphide lenses — the B zone to the south and the A zone to the north. One of the lenses is rich in zinc; the other is rich in copper.
Zone B’s zinc-rich lens hosts an indicated resources totalling 668,940 tonnes grading 6.75% zinc, 0.45% copper, 0.58% lead, 1.75 grams gold and 114.3 grams silver per tonne. Another 622,715 tonnes running 2.98% zinc, 0.71% copper, 0.43% lead, 1.26 grams gold and 60.6 grams silver are classified as inferred resources.
The copper-bearing lens contains inferred resources of 721,310 tonnes grading 1.69% copper, 0.23% zinc, 1.22 grams gold and 54.4 grams silver.
Cancor plans to take on a partner to help explore its large land package in the area.
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