An option agreement to acquire a 100% interest in the former Thierry copper-nickel mine and mill complex at Pickle Lake, Ont., has been entered into by KWG Resources (ME) with Etruscan Enterprises (VSE).
KWG says it has agreed to a cash-and-share purchase package worth $1.3 million. The transaction is subject to regulatory approval.
Belgian company Umex operated the mine from 1976 to 1982, when low metal prices forced the operation’s closure. KWG says Etruscan’s consulting engineers estimate probable reserves at Thierry of 3 million tons grading an undiluted 1.78% copper and about 0.25% nickel. A large, low-grade copper-nickel property has been identified about two miles from the mine. The mill, KWG reports, has a rated capacity of 4,000 tons per day.
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