An agreement has been reached between Freewest Resources (TSE) and Mint Gold Resources (COATS) whereby the two companies have an option to earn a 100% interest in a 59-claim property in Northumberland Cty., N.B. The companies said they must make cash payment of $40,000 and carry out certain work commitments. The property vendor will retain a 2% net smelter return interest.
The property covers an area where two of a number of sulphide- rich boulders assayed 2.85% copper and 0.02 oz. gold per ton (one boulder), and 0.24% copper, 10.15% lead, 7.5% zinc and 1.5% silver per ton (the other boulder), the companies said. The boulders, they reported, were found near a contact between felsic metavolcanics and metasediments.
Previous exploration, they said, indicated anomalies in the area of the mineralized boulders. Previous shallow drilling did not effectively test the gravity anomaly.
An exploration program consisting of deep drilling to test the gravity anomaly/contact area at depth should be under way this month.
Be the first to comment on "Freewest, Mint option property"