Exploration will get under way this summer on PGE Resource’s (ASE) 115-claim property near Mechanic Settlement, N.B., following a joint venture agreement with Noranda Exploration, a unit of Noranda (TSE). To earn a 70% interest in the property, Noranda has agreed to spend $750,000 exploring for platinum group elements over the next four years. Noranda will also make option payments totalling $125,000.
PGE has held the Mechanic Settlement claims since 1986. This summer, exploration will include mapping, geochemical and geophysical surveying, overburden drilling and trenching.
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