Teck eyes Potter mine property

A letter agreement with Millstream Mines (mlsm-c) sets the stage for diversifed producer Teck (tek-t) to acquire all or part of the Potter polymetallic property, near Timmins, Ont.

Teck has agreed to provide field assistance and technical guidance at no cost to Millstream. In return, it will secure a first right of refusal to acquire the project, in whole or in part, provided underlying agreements are in order.

Millstream says it has discussed the Teck agreement with the Hunter-Dickinson Group, which, earlier in 1999, agreed to spend up to $19 million exploring the copper-zinc-cobalt property. In return, it was given the right to earn up to a 60% interest in the project.

The Potter mine is a former producer. It occurs in an east-southeasterly trending Archean succession of mafic-to-ultramafic volcanic and intrusive rocks referred to as the Kidd-Munro assemblage. This unit hosts other base metal deposits, notably the Kidd Creek mine. Recent work at Potter has been aimed at identifying targets below and beyond the existing mine workings.