Cominco options Percy base metal properties

Two companies active in north-central Ontario, Avalon Ventures (VSE) and Starcore Resources (VSE), have optioned their adjoining base metal properties to Cominco (TSE).

The agreement, which is not yet final, calls for Cominco to pay Avalon $200,000 cash for a 60% interest in the Percy Lake property, and spend $1 million exploring it by August 1999. Cominco can also earn a 60% interest in Starcore’s adjacent Percy Creek property, in return for $100,000 cash and a commitment to spending $500,000 on exploration by August, 1999.

The deal will also require Cominco to spend a minimum of $100,000 on exploration on the two properties by August 1996, and pay $40,000 to Avalon and $23,000 to Starcore by May 1996.

The properties lie 100 km northeast of Sault Ste. Marie, Ont., in the northeastern portion of the Batchawana greenstone belt.

Avalon recently discovered a base-metal showing on its property, grab samples from which averaged 1.01% copper, 1.19% lead and 7.38% zinc, as well as 33 grams silver per tonne.

Cominco will carry out linecutting and geophysics, to be followed by geological mapping and geochemical sampling.

Print

Be the first to comment on "Cominco options Percy base metal properties"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close