In acquiring an option to buy into the Brass Buckle gold property near Springdale, Nfld., Major General Resources (VSE) has expanded its portfolio of Canadian exploration projects.
A 70% interest is available to the junior if it pays $55,000 and spends $500,000 on exploration by Nov. 18, 1997.
Previous drilling on the 20-claim property intersected high-grade gold-pyrite-quartz veins with associated bismuth, situated within a 2-km-long gold soil anomaly.
The gold is associated with felsic dykes in mafic volcanics. Major General already owns a similarly formed gold deposit nearby — the Hammerdown, situated 50 km south of Springdale.
By conducting geophysical surveys on Brass Buckle, the company hopes to delineate drill targets for testing this year.
Elsewhere in Ontario, Major General and Noranda (TSE) have signed two agreements which enable the latter to earn a half interest in the junior’s 91-claim Sabin base metal property, 80 km east of Sioux Lookout. Previous work outlined a volcanogenic massive sulphide deposit with a mineral inventory of 196,360 tonnes averaging 0.8% copper and 3.2% zinc. A geophysical program to define drill targets is under way on six claims, two-thirds of which is owned by Noranda and one-third by Major General. Noranda can earn a half interest in the entire property by spending $200,000 on exploration before July 1, 1995, and a total of $1.7 million before January, 1999.
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