A 133-claim base metal property owned by Kingswood Resources (ASE) in the southern half of La Gauchetierre Twp., Que., has been optioned by Noranda Exploration, a unit of Noranda (TSE). The claims are situated southeast of the known Phelps Dodge base metal deposit. Noranda can earn its interest in the property by spending $2.7 million on exploration and by making cash payments totalling $250,000. Kingswood said Noranda plans to begin an exploration program consisting of surface geophysics and diamond drilling this month.
Meanwhile, a recent exploration report prepared by Kingswood’s consultant has outlined more than 30 base metal and gold targets on the company’s claims which extend over five townships west of Matagami, Que.
A field program of line cutting and geophysics is under way on Kingswood’s claims situated east of the Phelps Dodge deposit, and a 10,000-ft. drilling program is scheduled to start this month.
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