Teck will act as operator for a 52% interest, while TSA will hold the remainder. The joint venture will acquire the property from the vendor through staged payments totalling $2 million, 200,000 TSA shares, and a 2.5% smelter royalty.
Teck recommended an initial program of trenching and mapping to determine the extent of a lead-zinc-silver showing assaying up to 12% combined lead-zinc and one ounce per ton silver. A trenching program is expected to begin immediately.
TSA has 4.1 million shares outstanding, 41% of which are owned by Trans America Industries (VSE).
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