Coronado Resources has signed an option and joint venture agreement with Bordeaux Resources to further explore the former’s Davis Lake property in the La Ronge gold belt of Saskatchewan.
Under the terms of the agreement, Bordeaux is committed to make accelerating work expenditures on the property up to $170,000 to earn 80% with Coronado having the right to buy back into a 40% position. Thus, says Coronda President George Warnock, if the Bordeaux program is successful, Coronado will maintain its 40% position.
The Davis Lake property is located about 10 km south of the Starrex/Mahogany deposits.
Under the agreement, Bordeaux must start a work program on the property this fall.
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