Partners team up in NB

Eastmain Resources (ER-T) has stepped up its exploration efforts in the prolific Bathurst base metal mining camp of New Brunswick by optioning 394 claims from Stratabound Minerals (SB-V).

The claims are contiguous with Eastmain’s similar-sized, wholly owned Railroad project. Combined, the properties cover 225 sq. km, within which are three massive sulphide deposits, eight similar prospects and numerous showings adjacent to Noranda‘s (NOR-T) Heath Steele mine.

To earn a 50% interest, Eastmain must spend $1.5 million on exploration over five years, as well as pay $24,300 in cash and issue 50,000 shares up-front. Another 10% can be earned by spending $1 million on exploration and paying $50,000 in cash.

The latest deal follows an an earlier one which gave Eastmain the right to contract-mine a small open-pit resource on Stratabound’s CNE mining lease 251. That agreement requires Eastmain to arrange project financing, assume all operating and environmental obligations, and reach an agreement with Noranda to custom-mill the material at the Brunswick No. 12 mill.

Exploration on the new claims will focus on several geophysical targets previously outlined by BHP Minerals, a division of Broken Hill Proprietary (BHP-N).

Eastmain is also exploring several other properties in the region.