Junior Noramco Mining (TSE) can earn a 21% interest in Nevada’s Pamlico gold property from Cactus West Explorations (VSE).
In return, Noramco must spend US$825,000 by April 30, 1996. Cactus West has an option to earn a 60% interest from Gold Dyke Mines, the underlying owner, by spending US$750,000 and paying US$75,000 plus 300,000 free-trading shares.
Noramco has also arranged to buy a further 30% directly from Gold Dyke. The joint venture has completed a geophysical survey, aerial photography and a topographical base map for the property which covers about 1,200 acres. Geological mapping and sampling are planned for early 1994 and are expected to last five weeks.
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