Teck to drill at Lac Marcaut

A 1,500-metre drilling program is being started by Teck Exploration on the Lac Marcaut property 130 km north of Matagami, Que., Fancamp Resources (VSE) reports.

Peter Smith, president of Fancamp, which has a 50% interest in the 101-claim property, said grab samples have returned high gold values. To be drilled are 10-15 holes.

Owner of the remaining 50% of the property is Fort Rupert Resources, which has been taken over by Kingswood Explorations 1985 (ASE).

Teck may earn up to a 70% interest in the project by spending $2.5 million during a 6-year period and making cash payments totalling $300,000. Fancamp may participate in a joint venture or have its position reduced to a 2.5% net smelter return.