The right to earn an interest in a group of mineral properties in the Oxford Lake area of Manitoba has been acquired by The Lithium Corp. of Canada (COATS).
Lithium may earn a 50% interest from Noranda Exploration, wholly owned by Noranda (TSE), by spending $5 million on exploration during a 4-year period. Lithium acquired the option from its promoter, TBS Resource Developers, at TBS’s cost.
Once Lithium earns its 50% interest, the project will become a joint venture partnership. Noranda will act as operator throughout. A drilling program is to be started up this month.
The mineral properties cover a 40-km east-west strike length of a precambria n volcanic sedimentary rock sequence. Lithium President J. H. Tremblay said Noranda, in earlier exploration work, uncovered one gold zone and intersected gold values along a 400-metre strike length.
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