Vancouver-based Treminco Resources (TSE) has acquired 28 square miles of claims within the Yellowknife greenstone belt in the Northwest Territories through staking, transference of mineral rights and options.
To earn a 100% interest in land optioned from Hemlo Gold Mines (TSE), Treminco must spend $2 million over five years. Hemlo has the right to back in to 50% on any commercial development by financing to production or accepting a 1% to 3% net smelter royalty.
The properties, which contain gold-bearing shear zones similar to those that host the Con and Giant mines 20 miles to the south, are held through a syndicate 95% controlled by Treminco.
Trench samples from one of these shear zones yielded 2.9 oz. gold per ton across 3.3 ft. and 0.33 oz. gold over 6.6 ft., respectively. D.R. Webb, who completed his doctorate in ore control mechanisms at the Con and Giant mines, is consulting for the syndicate and has recommended diamond drilling.
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