Cyprus options ground to juniors

In two separate agreements, Cyprus Canada has optioned more than 350 claims in northwestern Quebec to junior companies.

East West Resource (VSE) can earn a half interest in a 164-claim property by spending $1 million on exploration over four years (including $200,000 in the first year) and paying Cyprus $33,000 up front. The property, situated in Jeremie and La Martimiere twps., hosts 10 airborne electromagnetic anomalies and features mineralization similar to that of the nearby Detour Lake gold mine. Grids for followup work will be established in the autumn and drilling will be carried out in the winter.

In another agreement, Canadian Golden Dragon Resources (VSE) can earn a half interest in 195 claims in Jeremie and Caumont twps. To do so, it must spend $1 million on exploration over four years (including $200,000 in the first year) and pay $39,000 in cash and/or stock.

Here, too, 10 airborne anoma-lies have been defined, which will be followed up with ground geophysics and drilling in the winter.

Meanwhile, Hemlo Gold Mines (TSE) has begun drilling on Dragon’s 333-claim Sewell Reeves property, 48 miles west of Timmins, Ont. Previous drilling in two areas returned low gold values in green carbonate rock and basalts. Hemlo can earn a half interest by spending $1 million on exploration or a 70% stake by spending $1.5 million.