Teck joins Freewest at Lizar

Freewest Resources (FWR-T) has granted Teck Cominco (TEK-T) an option to earn up to a 65% stake in the Lizar gold project in the Kabinakagami greenstone belt, 330 km northeast of Thunder Bay, Ont.

Teck can acquire 55% interest in the property by spending $3 million over four years. It can boost its stake by 10% by arranging project financing and bringing the property into production.

As part of the deal, Teck has agreed to subscribe to 375,000 Freewest shares at 40 apiece.

Last summer and fall, prospecting turned up four historic and eight new gold and base metal occurrences at Lizar. Grab sampling was highlighted by assays running 16.3 grams gold, 39.1 grams gold and 41.6 grams gold per tonne at the first occurrence. Significant results from the second and third occurrences ran up to 7.4 grams and 5.1 grams gold, respectively.

All the new gold showings are in an area measuring 500 metres by 1 km.

The property played host to a past-producing, low-tonnage gold mine.

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