Cross Lake Minerals (VSE) has entered into agreements with Tarzan Gold (ASE) and Glen Auden Resources (TSE) which give Cross the right to acquire a 50% interest in 132 claims along a section of a regional fault striking across Wilkie, Walker and Clerque twps., Ont. Cross will earn its interest in exchange for a 50% interest in Cross’s 245-claim property in Teefy, Rickard, Knox and Warden twps., Ont. Similar amounts of money have been spent on both properties which are at the same stage of development, the companies say.
Cross had to complete the property exchange in order to facilitate an agreement with Asarco Exploration on the Wilkie-Walker property. This deal is part of Asarco’s deal on the Lac St. Jean nickel- copper prospect in Quebec which involves Tarzan, Cross and Glen Auden.
Asarco must spend $450,000 on exploration and make cash payments of $80,000 to earn a 51% interest in the Lac St. Jean and Wilkie-Walker claims.
Diamond drilling is set to start this month which will test several geophysical anomalies along the fault and in parallel host rocks.
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