Queenston, Noront in Shining Tree

Queenston Mining (TSE) and Noront Resources (VSE) have entered into a joint venture to acquire and explore a 31-unit property in Fawcett Twp., near Shining Tree, Ont.

The property adjoins the eastern boundary of Fort Knox Gold Resources’ (TSE) claim group, where strong widths of nickel-copper mineralization, including 110.9 ft. grading 1.03% nickel and 0.43% copper, were recently intersected.

The partners say the claims, which are so far unexplored, appear to contain similar lithologies to those occurring on the Fort Knox property. They also cover three magnetic anomalies.

Under the terms of the agreement to earn a 100% interest in the property, Noront will make option payments totalling $55,000 and issue 100,000 common shares to the vendors over a 2-year period. Exploration expenditures of $300,000 will be split by Queenston ($182,500) and Noront ($117,500). Noront has staked an additional 40 claims in Kelvin Twp., to the north of the Fort Knox discovery.