Noranda Exploration, a unit of Noranda (TSE), can earn a half interest in the southern portion of Wrightbar Mines’ (ME) Bourlamaque property, near Val d’Or, Que.
The rocks underlying this portion of the property are similar to those that host the Louvicourt base metal deposit to the east.
To earn its interest, Noranda must spend $2 million on exploration and pay $100,000 cash over five years. It can earn an additional 20% interest by spending $800,000 on exploration and paying $200,000 cash in the sixth year. Exploration between 1989 and 1991 outlined two copper zones (OM-1 and OM-2) and a zinc zone (Wolverine) at depth. Mineralization occurs as small, massive sulphide veinlets in zones ranging in thickness from 126 to 292 ft. In the new year, Noranda plans to drill a geophysical anomaly believed to represent the junction of the three mineralized zones.
Earlier this fall, Wrightbar optioned the northern half of the Bourlamaque property to Charlim Explorations (VSE). Gold zones on this portion of the property contain about 305,000 tons grading 0.222 oz. gold per ton.
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