St. Genevieve to earn 50% in Wrightbar copper bet

Situated in Bourlamaque Twp., the property contains a 500,000 ton (grading 1.3%) copper deposit which has some of the same characteristics as the one which St. Genevieve affiliate Societe Miniere Louvem (TSE) and Aur Resources (TSE) are exploring about two miles further east.

Potential reserves at the Aur/ Louvem massive sulphide discovery stand at about 20 million tons of grade 3.5% copper, 2% zinc and 0.04 oz gold.

The Wrightbar copper deposit is on the same structure as the former Manitou-Barvue copper-zinc- lead mine, from which some 7.5 million tons were extracted (1942-1979), grading 4.52% zinc, 3.63 oz silver and 0.03 oz gold and 3.8 million tons grading 0.82% copper and 0.02 oz gold, according to Jean De Patie, St. Genevieve’s vice- president of exploration.

The claims containing Louvem’s Manitou deposit are adjacent to the south of the Wrightbar property which represents a “good hunting ground for base metals deposits,” De Patie told The Northern Miner.

Under a recent agreement, St. Genevieve will pay Wrightbar $10,000 in cash initially before making annual payments of $25,000 until a joint venture is formed.

St. Genevieve has also agreed to earn a 50% stake in the project by spending $1.5 million on exploration over two years, including $250,000 before March 1.

As soon as project operator St. Genevieve has exercised its option fully, the two companies will form a joint venture.

Not included in the agreement is the northern section of the Bourlamaque Twp. claims where Wrightbar and Belmoral Mines (TSE) had spent $13.5 million to explore a small gold deposit before exploration was halted.

As St. Genevieve is already conducting a geophysical survey on a 70,000-ton zinc deposit (grading 5% zinc) on the eastern portion of the Manitou property, the company can simply extend its lines across the property boundary, according to De Patie. “The drills will start turning on the Wrightbar copper deposit as soon as possible,” he added.

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