A 3,300-ft. hole designed to test the Phelps Dodge copper-zinc deposit near Matagami, Que., at depth is scheduled to begin by the end of the month, says Kingswood Explorations (ASE).
Earning a 100% interest in the property from Noranda (TSE), Kingswood hopes the hole will locate a new orebody. The Phelps Dodge deposit contains reserves of 1.7 million grading 4.5% zinc and 0.84% copper.
To the southeast, Noranda is earning a 75% interest in Kingswood’s 133-claim property by spending $2.7 million on exploration and making cash payments of $250,000. Noranda says it will continue drilling on the property after evaluating results from a recent drill hole and from current geophysical surveys. Three new drill targets have been identified.
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