Vancouver-based Radcliffe Resources has concluded a joint venture agreement with City Resources involving Radcliffe’s Graham property on British Columbia’s Charlotte Islands.
The Radcliffe property is located northwest of City’s Cinola deposit which is scheduled to produce 180,000 oz annually from open pit operations.
Under the joint venture agreement, City can earn a 50% interest in Radcliffe’s 6,200-ac property by spending $500,000 on a 4-hole drill program starting April 1988.
Previous work on the property included another 4-hole diamond drilling program that encountered several gold intersections, including 0.16 oz gold per ton over 13 ft.
Radcliffe will also earn $150,000 from a flow-through share agreement with Mintax Mineral Ltd. Partnership. According to Radcliffe, the shares will be priced at the average trading price over 20 days. The company says proceeds will finance drilling on Radcliffe’s La Ronge property in Saskatchewan where surface exploration returned values of up to 1.53 oz with visible gold over a 1,400-ft zone.
In other news, the company says site preparation is now under way for a major drill program on the Independence project in Elko Cty., Nev.
Meridian Resources will earn a 35% interest in the property by spending $900,000(US) on a project which includes drilling several deep core holes into the Roberts Mtn. thrust zone.
Partners Franco Nevada Mining, Wesley Mines, and Radcliffe each retain a 15% working interest carried through the next $1.1 million in exploration spending.
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