Newmont options Claude’s Ithingo

Newmont Mines has optioned the Ithingo Lake gold property from Claude Resources. Located in northern Saskatchewan, the Ithingo property was the site of a surface gold discovery made by Claude last fall.

Newmont can earn a 70% interest by paying $1 million in option payments to Claude by 1992 and delivering a bankable feasibility study. Exploration work completed by Claude has confirmed initial surface assays. A channel sample across 20 ft assayed 0.16 oz gold per ton, which was identical in grade to the initial chip samples from the zone. Another earlier reported 9-ft section which graded 0.3 oz, was also substantiated by an 8.5-ft channel sample grading 0.287 oz.