A wholly owned subsidiary of Cyprus Amax Minerals (NYSE) has begun a $330,000 exploration program on the Spanish Mountain property near Likely, B.C.
The major can earn a half interest in the property from partners Eastfield Resources (VSE) and Consolidated Logan Mines (VSE) by spending $1.5 million over four years and paying $415,000.
The program will include 2,500 metres of backhoe trenching and channel sampling, as well as 30 line km of grid mapping to evaluate the bulk-tonnage potential of the gold property.
Previous work returned channel samples grading up to 1.78 grams gold per tonne over 18 metres and 1.7 grams gold over 23 metres.
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