Vancouver — Falconbridge (FL-T) has inked a letter of intent with junior Vulcan Minerals (VUL-V) to earn up to a 65% stake in the TL nickel sulphide property, some 50 km from the huge Voisey’s Bay deposit in Labrador.
The major can pick up its interest by paying $250,000 and spending $1.5 million over four years and can earn an additional 10% by completing a bankable feasibility study.
Previous drilling on the property intersected several mineralized zones, ranging up to 23.7 metres grading 0.47% nickel, 0.16% copper and 0.02% cobalt. Included in this interval was a higher-grade section running 1.2% nickel, 0.42% copper, 0.04% cobalt, plus 0.11 gram platinum and 0.25 gram palladium per tonne over 5.2 metres.
In the near future, Falconbridge plans to run geophysical surveys and soil-till geochemical sampling over the project.
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