An agreement between Duration Mines (TSE) and Midas Minerals (TSE) has been renegotiated. The deal concerns a platinum property near Marathon, Ont., which was optioned by Midas to Duration. The new deal will see Midas’ residual interest reduced to a 3% net smelter royalty instead of the original 10% net profits interest. Midas will also be including an additional 14 claims to the deal, which are located in the same area.
Duration can earn a 51% interest in the property by spending $500,000 on exploration. The claims are adjacent to a property held by Fleck Resources which hosts a large tonnage low grade sub-economic platinum group metals deposit.
At McFarlane Lake, near Sudbury, Ont., Midas has started a drill program which is testing a gold-bearing quartz vein zone. The altered zone strikes for at least 500 m and is up to 50 m in width.
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