Calgary-based Ican Minerals (TSE) has signed an agreement to earn a 50% interest in a gold property owned by Santa Fe Pacific Mining in Colorado. Known as the White Rock property, the claims host a porphyry gold prospect with finely disseminated gold occurring in an altered porphyry. The deal calls for Ican to spend a total of US$1 million over a 5-year period in order to earn its one-half interest in the property. Ican will act as operator during the option period. Elsewhere, the company says work is continuing on its Racey porphyry gold prospect under option to Billiton Minerals in Oregon.
Billiton has started the second stage of its work program which consists of more surface trenching and additional drilling.
Santa Fe Pacific Mining is a unit of Santa Fe Southern Pacific (NYSE).
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