An option deal to earn a 65% interest in claims in the Cobalt, Ont., area is being negotiated by Cyprus Canada with Starmin Mining (TSE) and Hellens Eplett Mining Inc., which is jointly owned by Starmin and International Platinum (TSE).
The agreement covers 26 contiguous claims; Starmin has a 100% interest in 15 of the claims and Hellens Eplett has a 100% interest in the remaining 11 claims.
Cyprus may earn its interest by spending $3 million on exploration work during a 5-year period. Cyprus, a unit of Cyprus Minerals (NYSE), has 90 days to complete its due diligence before the deal is signed.
The property hosts known silver reserves. Underground exploration has also encountered volcanogenic massive sulphide mineralization; assay results indicate the presence of copper and zinc values.
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