Cancor looking in Joutel camp (March 28, 2005)

Geophysical surveys are under way at the Bonfortel project of Cancor Mines (KCR-T), near Joutel in northwestern Quebec, following earlier rock-geochemistry studies.

The Bonfortel property is immediately northwest of Cancor’s Kistabiche property, and the two share similar geology, being underlain by felsic volcanic rocks of the Joutel complex. The Joutel Copper and Poirier zinc-copper deposits are both hosted in Joutel felsites.

One drilled prospect, the Fourth Corner occurrence, is on the Bonfortel property.

Drilling intersected a 2.8 metres of massive sulphides grading 7.68% zinc and 0.77% copper, plus 0.14 gram gold and 41.8 grams silver per tonne.

Cancor plans to begin a 3,000-metre drill program once the geophysical results are in.

In November 2004, Cancor and Aur Resources (AUR-T) agreed to a deal under which Cancor gets a 100% interest in the property, subject to a 2% net smelter return royalty retained by Aur. In exchange, Cancor must spend $500,000 over five years and issue 100,000 shares and the same number of warrants to Aur. The warrants are exercisable at 32.

Cancor has earned its half-interest in Kistabiche under an option deal with Quebec-government-owned Soquem.