Encouraged by results from a recently completed surface exploration program, Teck (TSE) has informed Stratabound Minerals (ASE) that it will exercise its option to purchase 43,750 shares of Stratabound at $2 per share.
The share purchase enables Teck to maintain its right to earn a 51% interest in Stratabound’s New Brunswick properties, excluding the CNE zinc-lead-silver open-pit mine.
Teck’s 1992 program of drilling, trenching and mapping outlined a widespread area of intense alteration and disseminated sulphides with anomalous base metal values about 700 metres northeast of the CNE deposit. Teck plans to carry out additional work in this area in 1993.
Current preliminary reserves at Stratabound’s CNE deposit are about 161,000 tonnes averaging 7.79% zinc, 2.84% lead and 90 grams silver per tonne.
Be the first to comment on "Encouraged by results, Teck will acquire Stratabound shares"