A recently signed agreement between Mountain Lake Resources (VSE) and Minnova (TSE) calls for further exploration on a 175-claim property in Ben Nevis Twp., north of Larder Lake, Ont.
In order to earn a 70% interest, Minnova must spend $1 million on the property by Dec. 31, 1996. Minnova will also make an initial cash payment of $25,000 to Mountain Lake and a second payment of $20,000 by July 1. The property is underlain by felsic and mafic volcanics of the Blake River Group. Hydrothermally altered volcanics in the area are known to host a number of base and precious metal showings.
The partners believe the property has the potential to host volcanogenic massive sulphide deposits. Minnova will be operator of the project.
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