Calgary-based Flag Resources (ASE) says it has found surface iron and copper-sulphide mineralization within a 3,000 ft.-long airborne magnetic and coinciding VLF anomaly on its 24,000-acre Wanapitei holdings near Sudbury, Ont.
The anomaly occurs in brecciated and altered Huronian sediments about 5.5 miles southeast of Flag’s recently completed 2,500 ft. vertical hole. A ground geophysical survey is under way.
Subject to regulatory approval, Flag has granted affiliate Golden Briar Mines (ME) a 1-year option to purchase a 50% interest in the anomaly and adjoining ground. The purchase price is $500,000 or one million treasury shares.
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