Teck (TEK-T) and Sumitomo Metal Mining Arizona will jointly explore the Pogo gold property in central Alaska.
Situated 150 km southeast of Fairbanks, the property is part of Sumitomo’s Stone Boy project, which includes zinc and lead as well as gold prospects.
Sumitomo has, in recent years, completed 11,000 metres of diamond drilling on the Pogo claims, exploring stockwork gold mineralization as well as a high-grade vein system.
Teck will finance the US$5.5 million budgeted for the 1997 exploration program, which will consist of drilling, engineering and environmental studies. The Vancouver-based major can earn a 40% interest in the property by spending US$28 million on work, including a feasibility study.
“We are very enthusiastic about the potential for a significant gold mine on the Pogo property, and look forward to working with Sumitomo to make this a reality,” Teck President Norman Keevil said in a statement.
Pogo comprises 750 state mining claims and is accessible only by air, though several winter trails wind through the area. The property consists of sillimanite-bearing quartz feldspar gneiss, intruded by the biotite granodiorite Pogo pluton.
Gold mineralization is associated outside the main intrusive in a zone consisting of numerous plugs and dykes.
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