The claims host the Kelly Lake copper-nickel deposit, estimated to contain some 1.5 million tons of material grading 0.65% nickel and 0.59% copper. The property has been extensively tested over the past 25 years by surface diamond drilling, totalling 68,600 ft. Previous work also includes laboratory tests designed to evaluate the possibility of producing a bioleach precipitate.
A minimum $150,000 exploration program, consisting of diamond drilling, metallurgical testing, as well as a review of the past work on the property, is scheduled to begin this month, Metina says. The company is in the process of arranging flow-through financing at present.
Metina and Manridge can earn their combined 100% interest by making cash payments totalling $1.4 million over a 2-year period. The terms of the agreement grant Metina and its associate a free option to examine the property until May 1, 1990.
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