Under a recent agreement, Greater Lenora can earn its interest by making staged payments of $1.67 million over the next four years. After paying $15,000 in cash upon signing, Greater Lenora must spend $175,000 by June 30, 1990 to earn an initial 25% interest, an additional $500,000 by June 30, 1992 to earn a further 24%. By spending another $1 million before June 30, 1993, Greater Lenora can bring its interest up to 60%.
Located 12 miles northeast of Curragh Resources’ Faro lead-zinc mine, the 48-claim Eagle Lake property has already been explored by oil companies during the 1970s.
“A crew was flown in by helicopter to the site on July 28 to establish the location of a previous drill hole which intersected mineralization at a depth of 597 ft,” said Eagle Lake President Paul Bell.
“Based on the size of the anomalies indicated in previous work, management feels the property could contain several orebodies with large tonnage potential,” he said.
Curragh is building a road to access a nearby 30-million-ton lead zinc deposit.
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