Corona (TSE) has signed a letter of intent to earn a 51% interest in William Resources’ (ME) Vauquelin property, 35 km east of Val d’Or. To earn the interest, Corona will have to spend $500,000 on exploration over a 3-year period, including $100,000 during the first year. Corona will also pay William $105,000 by the third anniversary of the agreement.
Vauquelin lies 10 km east of the Aur-Louvem discovery, possibly within the same stratigraphic horizon. Although very little work has been done on the property in the past, William is currently evaluating its base metal potential.
William holds a 75% interest in the property while Claude Resources (TSE) holds 25%. If Corona completes the option agreement, then William will retain a 24% interest.
According to William, Corona will complete an airborne geophysical survey and a geological survey this summer.
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