Juniors
The partners can earn 100% interests in the Watts River and Grassberry Lake properties from
To do so, the juniors must spend a total of $4 million over five years; HudBay can repurchase 51% interests in the properties by spending $5.5 million in the following five years.
Previously at Watts River, HudBay identified six sub-parallel geophysical anomalies and drilled 24 holes into one of them over a strike length of 1.6 km and to a depth of 650 metres. The best result was 6.5 metres of 3.25% copper and 1.79% zinc, plus 1.73 grams gold and 46.27 grams silver per tonne.
Fort Knox and Berland drilled two more holes, totalling 861 metres: one into the previously drilled Main zone and another into an undrilled anomaly 400 metres east of the Main zone.
Hole 2 intersected the new zone over 7 metres grading 3.07% copper and 0.64% zinc, plus 31.1 grams silver and 0.36 gram gold per tonne, including 2.4 metres of 5.58% copper, 1.31% zinc, 59 grams silver and 0.51 gram gold. Mineralization in the new zone consists of a chalcopyrite-pyrrhotite-sphalerite stringer zone and a narrow massive-sulphide horizon in the structural hangingwall of the Main zone.
The companies plan to continue reviewing data derived from the property before beginning any follow-up work.
Meanwhile, Fort Knox has begun a 3-hole, 700-metre drilling campaign at the 52-claim Chief Peter platinum-palladium property, about 100 km west of Thunder Bay, Ont.
The company can buy a 100% interest by paying $105,000 cash, issuing 100,000 shares and spending $300,000 on exploration over three years.
The Chief Peter property covers three mafic-ultramafic intrusives — named Western, Middle and Eastern — situated over a 6-km strike length. Drilling will target the Western intrusive, where sulphide mineralization was encountered by previous drilling.
Farther north of the Chief Peter property, Berland has signed an option agreement to buy a 100% interest in the privately held Roaring River platinum group met- als property.
Berland will make a cash payment of $6,000 and issue 25,000 shares on signing. To maintain its option and earn a 100% interest, the company must make cash payments totalling $36,000 and issue an another 75,000 shares over three years. Also, the property is subject to a 2% net smelter return royalty.
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