A joint venture agreement has been concluded between Noranda Exploration and Golden Princess Mining for the old Nickel Offsets property near Timmins, Ont. Some adjoining ground is also included in the agreement, the second between the two companies since January.
The Nickel Offsets, which is located nine miles northeast of the Kidd Creek mine site, includes approximately 1,000 acres of prospective ground in what the joint venture describes as “favorable volcanics.” The property has been drilled in the past with 51 holes outlining 600,000 tons of reserves grading 0.23 oz gold over a strike length of 1,250 ft to a vertical depth of 500 ft.
Golden Princess can earn half of Noranda’s 50% interest in the property for expenditures of $2 million of which $500,000 must be made in the first year. Further expenditures of $2 million by Noranda and Golden Princess will be funded on a joint venture basis which would increase the equity of each partner to 35%. Noranda will be operator during the earn-in period.
Detailed geophysical work is planned initially to identify drilling targets and serious consideration will be given to an underground program to better establish project economics.
Be the first to comment on "Noranda Expl. Golden Princess"