An option to earn a 30% interest in the Courville gold property near Val d’Or, Que., has been obtained by Finor Exploration (ME) from Parquet Resources (TSE).
The agreement, subject to regulatory approval, calls for Finor to spend $1.5 million on exploration work by Feb 29, 1990, to earn an initial 15% interest, and a further $1.5 million by Feb 29, 1991, to earn another 15%. Two cash payments of $50,000 each will be made by Finor. A total of 300,000 shares of Finor are also to be issued to Parquet.
When Finor has earned its 30% interest, a joint management committee will be formed, with Finor acting as operator.
Parquet reports that during 1986 and 1987 it completed exploration work involving 72,900 ft of drilling over six main research areas. Each of the areas reported gold findings; the most promising are the southeast, H and the east-west main granite-vulcanite contact zones.
A new drilling campaign of at least 10,000 ft was recently started up at the property.
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