Montreal-based SEG Exploration (ME) has agreed to option nine unpatented claims in Elmhirst Twp., north of Beardmore, Ont., from NWT Copper Mines (CDN).
An exploration program conducted by Chesterville Mines in the early 1970s confirmed a possible reserve of 958,803 tons grading 0.43% copper and 0.4% nickel on the claims.
To acquire a 100% interest, SEG must complete 3,000 ft. of drilling by Dec. 31, 1993, a further 5,000 ft. by Dec. 31, 1994, and a final 10,000 ft. by the end of 1995. The agreement is subject to a net smelter return royalty. SEG says its program will test some new geological hypotheses, verify potential extensions of some of the richer zones and explore for massive sulphide and vein-type gold mineralization.
Drilling is scheduled to begin in early January, 1993.
NWT has also entered into an agreement whereby SEG and St. Genevieve Resources (TSE) have the option to jointly earn a 100% interest in NWT’s O’Connor Twp. barite property southwest of Thunder Bay, Ont., subject to a pro-rata to value royalty on barite and a net smelter return royalty on other products.
Be the first to comment on "SEG, NWT in property deal"