South African mining house Gencor has joined with Aber Resources (ABZ-T) to explore that company’s Kuujjua nickel project on Victoria Island in the Northwest Territories.
Gencor can earn a half interest in Kuujjua by making payments and exploration expenditures of $5 million by Jan. 1, 2002. The company can earn a maximum interest of 60% by spending an additional $5 million by Jan. 1, 2004.
Covering 2.7 million acres some 1,000 km north of Yellowknife, the land package was assembled based on similarities it shares with the flood basalt province of Siberia, which hosts the nickel, copper and platinum deposits mined by Russia’s Noril’sk Kombinat.
Exploration conducted on the package to date includes $2.5 million worth of airborne geophysical surveys and surface sampling. Preliminary results have indicated targets for both base metals and diamonds. This year’s exploration expenditures will top $500,000 and focus chiefly on base metals.
Under terms of the agreement, Aber retains all rights to diamonds.
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