Metall to explore Joutel property

Base metal miner Metall Mining (TSE) will earn a 70% interest in Joutel Resources’ (TSE) Joutel copper project in northwestern Quebec.

The 26-claim property hosts the Joutel copper deposit, which operated between 1967 and 1975. During those eight years, 1.4 million tons grading 2.16% copper and 410,000 tons grading 8.9% zinc were mined above a depth of 1,200 ft. On closing, the mine was reported to contain 117,000 tons of copper ore and 41,000 tons of zinc ore to a depth of 1,200 ft.

Metall can earn its interest by paying $80,000 and spending $500,000 on exploration by April 1, 1998. A minimum expenditure of $50,000 is required by April 1, 1995.

Since 1980, the property has undergone two periods of exploration, both of which outlined favorable geology for a repetition of the Joutel copper deposit. However, the programs failed to encounter economic mineralization. Metall, which also holds the adjoining claims, plans to drill-test the plunge and strike extensions of the favorable mine stratigraphy. Drilling will begin immediately.

In other news, Joutel’s application for listing on the Stuttgart Stock Exchange has been approved.