Vancouver-based Teck (TSE) has signed an option agreement with NEBEX Resources (ASE) to earn a 51% stake in NEBEX’s 7,200-acre Brunswick Extension base metal property near Bathurst, N.B. Situated two miles northeast of Brunswick Mining & Smelting’s (TSE) No. 12 zinc mine, the property covers the northern extension of a geological system that hosts the Austin Brook, Brunswick No. 6 and No. 12 orebodies.
A new ore-grade (5% zinc per ton) massive sulphide lens discovered recently by BM&S on ground located one mile north of the No. 12 mine is also situated about half a mile from the NEBEX boundary. The new lens extends over a strike length of 650 ft.
Under an agreement, Teck can earn the interest by paying NEBEX $285,000 and spending $3 million on exploration by the end of 1995. When exploration gets under way, operator Teck will conduct additional geological mapping, backhoe stripping, together with deep penetration and down-hole PEM surveys.
Another exploration target is a previously untested induced potential anomaly coincident with the trace of the favorable iron formation.
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