Vancouver-listed Minorca Resources has entered an agreement with a prospector to acquire the Phooey Lake property in Langloiserie Twp., near Chibougamau, Que.
Previous work, during 1945-53 and 1985-88, outlined an extensive alteration zone with encouraging gold values. Between 1947 and 1953, a 942-metre drill program yielded up to 5.45 grams gold per tonne over 1.2 metres. Later, in the 1980s, a drill hole intersected a quartz vein grading 18.17 grams gold over 1.65 metres, which included 41.31 grams gold and 5.14 grams silver over 0.70 metres.
To earn its interest, Minorca will issue the prospector 200,000 shares initially and 175,000 shares on the first anniversary of the deal. Exploration is planned for later this year.
In other news, The Vancouver Stock Exchange has accepted Minorca’s agreement to acquire a 40% stake in BLM Minera Mexicana S.A. de C.V. The Mexican-based company owns the Terneras gold-silver mine in Durango state. A feasibility study will be carried out this summer at an expected cost of US$450,000, of which Minorca will pay half. The study includes 3,300 metres of drilling designed to identify reserves at three mines: Santa Juana, Terneras and San Mateo. The mines are to be rehabilitated for an early startup.
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