Toronto-based junior Fort Knox Gold Resources (FNX-T) will earn a 45% interest in the Klu and Nikolai properties of Inco (N-T).
The Klu comprises 526 contiguous claims totalling 11,000 ha in the Yukon, whereas the Nikolai consists of 940 claims covering 14,000 ha in Alaska.
The properties lie in a metallogenic belt of nickel, copper and platinum group element mineralization. The belt stretches for more than 600 km from east-central Alaska through southwestern Yukon to northwestern British Columbia. Through the 1990s, Inco has carried out airborne geophysical surveying, as well as reconnaissance mapping at both sites.
To earn its interest, Fort Knox must spend US$6 million on the properties over four years and issue 500,000 shares.
A dispute still exists over a 20% portion of the Nikolai claims that was staked in March 1996 by a third party. Although an Alaskan court ruled that the party’s claims were null and void, the ruling is under appeal.
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