Approval to drill Target 44, situated adjacent to Nain, Labrador, is near at hand, following a recent plebiscite.
Residents of the town voted 64% in favor of allowing drilling to proceed, and formal approval from town council is imminent.
The project will be operated by NDT Ventures (NDE-V), which is mobilizing a drill crew for an initial program of 15 holes. The company is earning a 51% interest in Target 44 from Takla Star Resources (TKR-A), and Fred Hewett, president of NDT, expects the company’s interest to be vested by this summer.
Previous exploration identified two separate areas with multiple geophysical conductors correlating with two zones of sulphide mineralization at surface.
Values from oxidized surface samples graded up to 1.41% nickel, 6.3% copper and 0.21% cobalt, while samples containing at least 50% sulphides graded in the range of 1% nickel, 0.5% copper and 0.1% cobalt.
The results of the plebiscite saw investors bid up both companies. NDT was up a dollar at the $5 level and Takla rose almost $2 at $10.
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