Sparton deals Estrades interest to Lacana

Toronto-based Sparton Resources has agreed to option its 50% interest in a property in Estrades Twp., in northwestern Quebec, to Lacana Mining Corp.

Golden Zone Development holds the remaining 50%.

To obtain the interest, Lacana must spend $250,000 on exploration by May 1, 1989. Of this amount, $75,000 is firmly committed, according to Sparton, and is to be spent by Sept 30.

Should Lacana earn its 50%, Sparton will retain a 10% royalty on net profits from the property.