Calgary-based Newfoundland Exploration (TSE) has acquired a 50-sq.-km exploration licence in the North Labrador Trough, 90 km southwest of Fort Chimo, Que.
The junior says it is negotiating with a major mining company interested in optioning the property, where base metal showings have returned assays of up to 17.9% zinc, 8.3% lead and 291 grams silver per tonne.
The option agreement, calling for exploration expenditures of $1 million and payments totalling $100,000 over three years, is expected to be completed by the end of November.
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