Montreal-based Normabec Mining Resources (NMB-M) has struck a deal with the Canadian subsidiary of Phelps Dodge (PD-N) to option the major’s Comtois gold property, 15 km northwest of Lebel-sur-Quvillon, Que.
Normabec, better known for its exploration activity in Argentina, can acquire a 100% interest in the property by spending $400,000 over three years. Phelps Dodge can earn back a half-interest by spending $800,000 over three years. As well, Phelps Dodge will have the option of reacquiring an additional 10% by paying $100,000 cash and spending $1.6 million on exploration over three years.
The property consists of 119 lots totalling about 4,480 ha. Geophysical surveys performed by Phelps Dodge have shown that a mineralized rhyolite strikes east-west along the entire property, with numerous
induced-polarization anomalies being detected. Gold-bearing disseminated pyrite and chalcopyrite occur within a felsic-volcanic host rock.
Normabec says an exploration program will be undertaken at Comtois in the coming weeks, with Phelps Dodge acting as operator.
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