A $400,000 program is being planned by Swannell Minerals (VSE) for eight British Columbia properties considered prospective for porphyry copper-gold mineralization.
The properties total 50,635 acres and are owned by the Takla joint venture in which Major General Resources (VSE) and an unrelated private syndicate have 50% interests.
Swannell has an option to acquire a 60% interest in each of the properties which were acquired by the Takla joint venture based on Major General’s database of prospective areas in the Omineca district. All eight properties cover aeromagnetic anomalies, favorable geology, and encouraging rock, soil and stream sediment samples.
Swannell will pay the Takla joint venture $200,000 and issue 800,000 shares on closing of the agreement, and will make additional cash payments totalling $600,000 and spend $4 million on exploration over four years.
This year’s $400,000 program will be in addition to a $300,000 drilling program on a separate Major General property, the Tam project west of the BP Resources/Lysander Gold Cat property.
The Tam project is operated by Varitech Resources (VSE) which holds an option to earn a 50% interest.
Be the first to comment on "Swannell options eight properties"