Minnova completes Izok Lake purchase

Toronto-based Minnova (TSE) recently completed the purchase from Falconbridge of a 100% interest in the Izok Lake and Hood River properties as well as a 60% stake in the Gondor property.

Under a previous agreement, Minnova has paid Falconbridge US$20 million and granted to it a 3% net smelter royalty, payable two years after the start of commercial production. The royalty is limited to a 5-year period, or US$12.5 million, whichever occurs later.

Minnova plans to start drilling on the advanced Izok Lake project where 12 million tonnes of grade 3.1% copper, 14.5% zinc, 1.4% lead and 74.8 grams silver per tonne have been outlined. All of the properties are in the Northwest Territories.