A $200,000 exploration program is scheduled to begin this month on Orcana Resources’ (VSE) Farquharson base metal property recently optioned by Noranda Exploration, a unit of Noranda (TSE).
The property adjoins the former East Sullivan base metal mine, 12 km west of the massive sulphide deposit of Aur Resources (TSE) and Societe Miniere Louvem (TSE).
Orcana recently completed an agreement whereby Noranda can earn a 50% equity interest in the 18-claim property by spending $1.2 million over four years and making cash payments totalling $200,000.
According to Orcana President Raymond Mongeau, Noranda has subsequently made an agreement with Kingswood Explorations (ASE) regarding the Farquharson claims. Under the terms of that deal, Kingswood has the option to acquire Noranda’s 50% interest in the property by spending another $1.2 million over the next four years. Noranda has a back-in clause in the agreement with Kingswood.
Mongeau says a 120-metre-wide stringer zone of copper-sulphides on the Orcana property has yet to be tested below depths of 100 metres. Other targets to be tested in the current program include geological horizons extending from the previously mined East Sullivan orebodies. The program will include diamond drilling and EM geophysical surveys designed to probe for deep sulphide zones.
Adjoining the property, 400 metres to the south, is the former East Sullivan mine which produced copper-zinc-silver-gold ore from depths of up to 3,900 ft. during the 1950-60 period.
Two previously mined copper- zinc zones at East Sullivan known as the B and C orebodies are projected to plunge on to Orcana’s property below the 1,200-ft horizon, says Mongeau.
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