An option deal with a private company will facilitate $1 million of exploration on the Fletcher Lake property, in the Lac de Gras area of the Northwest Territories.
Joint venture partners Noront Resources (NOT-V) and Ateba Mines (ABM-A), which currently have interests of 40% and 60%, respectively, have granted private firm Adaco Resources an option to earn a 50% interest by spending $1 million on exploration at Fletcher Lake. Adaco will be investigating seven anomalies revealed in a previous airborne magnetic and electromagnetic survey.
The Fletcher Lake property is immediately west of the Mountain Province Mining (MPV-V) property, where Monopros, the exploration unit of De Beers Consolidated Mines (DBRS-Q) is currently completing an exploration and bulk-sampling program.
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