The historic silver camp at Cobalt, Ont., is seeing renewed exploration activity, with Falconbridge (FL-T) optioning property held by Agnico-Eagle Mines (AGE-T).
Falconbridge is exploring copper-zinc showings known to occur below the once-prolific silver-cobalt veins.
Falconbridge can earn a 100% interest in the property by spending $250,000 per year on exploration over seven years, with Agnico retaining a 2% net smelter return on any base metal production. Agnico also retains the right to explore for silver-cobalt vein deposits on the optioned property.
The extent of the base metal showings and their relationship to the silver-cobalt veins will be determined by airborne geophysics, followed by field work.
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