Noranda Exploration Co. (Norex) has signed a letter of intent with Matachewan Consolidated Mines regarding its property along the Destor Fault.
Norex has agreed, subject to a more formal agreement, to spend a firm $230,000 during the first year and an optional additional $1.15 million over four years to earn a 60% interest. Payments and royalties are applicable under certain conditions.
The property consists of 12 claims (480 acres) in Hislop and Guibord twps., 25 miles northeast of Kirkland Lake, Ont., situated along 9,000 ft of the Porcupine Destor Fault in a volcanic-sedimentary sequence and about 8,000 ft north of Giant Yellowknife’s producing Ross mine. Goldpost Resources has recently announced encouraging results on adjoining properties.
Pamour Inc. holds an option on the Matachewan mine site with additional work planned for 1988. Matachewan receives payments according to the price of gold.
During the coming summer a program of development is planned for Matachewan’s Princess Royal Island claims off the British Columbia coast, on which Surf Inlet Mines holds an option.
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