An exploration agreement has been finalized by Glen Auden Resources (TSE), Golden Dragon Resources (VSE) and Noranda (TSE), covering a 460-claim property in the Timmins-Swayze area of northern Ontario.
.TThe claims are situated in Sewell, Reeves, Kenogaming, Penhorwood and Keith twps., about 48 miles west of the Timmins camp. Noranda can earn a 70% interest in the property by spending $1.5 million on exploration and making option payments of $100,000 over four year.
According to Glen Auden President Robert Middleton, the property covers a number of carbonate alteration zones which are interpreted as western extensions of the Destor-Porcupine fault system.
Since 1986, the two junior companies have carried out several geological and geophysical surveys as well as trenching and sampling programs. A number of new gold showings were identified from that work.
The claims are situated east of the Joburke mine in Keith Twp., which is the subject of an existing joint venture between Glen Auden and Noranda.
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