Cancor picks up Joutel property

Montreal-based Cancor Mines (KCR-M) has taken up an option from Quebec Crown corporation SOQUEM to earn a 50% interest in the Kistabiche base metal property near Joutel, Que.

The 17-sq.-km property includes the Kistabiche massive-sulphide deposit, where earlier work has outlined a 1-million-tonne deposit with average grades of 7.13% zinc, 0.69% copper and 31 grams silver per tonne.

Discovered in 1963, the deposit saw some underground exploration before it was put on the shelf.

The property is in the Joutel-Raymond volcanic belt in the northern part of the Abitibi geological sub-province. The belt played host to four formerly producing massive-sulphide deposits, including Mines de Poirier and Agnico.

Cancor, which will manage the exploration work, must spend $800,000 over the next five years to earn its interest.

After five years Cancor and Soquem will form a joint venture. Costs will be shared equally.