NEWS ROUNDUP — Private firm to drill Noront property

A private company has agreed to finance development of Noront Resources’ (VSE) Beaverbrook antimony property near Gander, Nfld.

To earn a 50% interest in the property, the private company must spend $450,000 on exploration over the next three years and pay Noront $22,365. The 80-claim property is subject to an underlying agreement whereby Noranda (TSE) retains a 1% net smelter return (NSR) on antimony production and a 2% NSR on gold production.

The Beaverbrook property contains three mineralized zones: the Hunan, Xingchang and Szechuan showings. Antimony mineralization has been traced along strike for up to 2.6 miles, and occurs as massive lenses and stringers of stibnite within a 200-ft.-wide altered zone. A previous drill intersection at the Hunan showing returned 4.20% antimony over 75.5 ft.