Vancouver-based Seadrift International Exploration has entered into an agreement to acquire 100% of the outstanding shares of Macanda Mine Exploration, a private Ontario company, from its three shareholders for a cash and share consideration.
Macanda holds the option to earn a 75% and 100% interest in two claim blocks, subject to a net profits royalty in Beauchastel Twp., Noranda, Que. The company also holds a carried interest on one of the blocks with Noranda Exploration.
Seadrift has arranged for funds to drill the massive sulphide-gold prospect, with a 6,500-ft drilling program planned.
The company has also entered into an agreement with Nuinsco Resources, its joint venture partner on the Aldermac project in Beauchatel Twp., and Recbiomine Inc. and Envireconseil of Quebec City to start a pilot tailing reprocessing study in order to recover gold, silver and copper from the 2 million tons of tailings on the Aldermac property.
The interests will be shared between Nuinsco and Seadrift on a 49%/51% basis of the 58% retained by the Seadrift group.
Seadrift President James M. Brady also reports that three drills are now working on the Aldermac project and Lac Dufault drilling will start as soon as ice conditions permit.
Regarding the Sturgeon Lake, Ont., joint venture with Corp. Falconbridge Copper, Mr Brady says flow-through funding from the Multiple Deductible Fund has been arranged. Phase one of the exploration and diamond drilling program will follow once the pulse EM geophysical surveys now under way on the massive sulphide-gold-silver prospect are completed.
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