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GMD options JBG claim group

Posted By: Northern Miner Staff April 24, 1995

Vancouver-listed GMD Resources can earn a 60% interest in Fortune Minerals'(CDN) JBG claim group 150 km northeast of Yellowknife, N.W.T.

The claims are 3 km east of Fortune’s NICO property where high-grade cobalt-bismuth-copper-gold mineralization, along with copper-uranium values, has been reported from eight surface showings. Both the Geological Survey of Canada and Fortune have recognized that the NICO area bears geological and geophysical characteristics similar to the 2-billion-tonne Olympic Dam copper-gold-silver uranium deposit in Australia.

The claims are underlain by rocks similar to those exposed on the NICO claims. At least three surface showings of copper and magnetite, together with coincident airborne magnetic and potassium and ground magnetic anomalies, have been recognized.

GMD can earn its interest by reimbursing Fortune’s staking costs, delivering 50,000 capital shares to Fortune and spending $750,000 on exploration over four years. Fortune will be the operator until GMD vests its interest, after which a joint venture will be established.

Exploration on the property is expected to begin shortly.

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