Silver Century Explorations (SVC-A) has entered into an option agreement with Falconbridge (FL-T) regarding a 2,800-ha property group in Strathy and Cassels twps., north of Temagami, Ont.
Silver Century can earn a 100% interest, subject to royalty interests, in the base metal property group by fulfilling the obligations of three underlying options, including a $148,000 cash payment prior to Feb. 1, 1999, and a $1-million exploration expenditure over the next eight years.
The properties are in the Temagami greenstone belt, which is characterized by felsic-mafic volcanic rocks which host silicified, sericitized and chloritized zones, and which, in turn, envelop base-metal sulphides. The Link shear zone extends east-west through the property.
Line-cutting and geophysical and geological mapping will soon begin, with diamond drilling planned for the autumn.
The Toronto-based junior intends to finance its exploration programs in central and eastern Canada by issuing debt or equity securities, or by borrowing from Agnico-Eagle Mines (AGE-T), which holds a combined 73% interest in Silver Century.
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