McVicar, BHP option Pigeon River (May 28, 2001)

Partners McVicar Minerals (MVR-V) and BHP (BHP-N) have optioned Falconbridge‘s (FL-T) Pigeon River copper/nickel/platinum-group-element project, near Thunder Bay, Ont.

The property includes 48 Pigeon River claims and four Trout Bay claims. McVicar and BHP can earn a combined 50% interest in the asset by paying $700,000 over three years. The minimum expenditure in the first year is $150,000. The partners are also obliged to keep the property in good standing during the option period. McVicar will act as operator during the exploration phase.

Pigeon River covers the eastern extension of the Crystal Lake gabbroic intrusion and a cluster of the Keweenawan mafic intrusions. The Crystal Lake intrusion is host to a deposit with a resource of 40 million tons grading 0.38% copper and 0.21% nickel, plus 0.7 gram palladium and 0.2 gram platinum per tonne.

Geophysical and geological mapping will be carried out along the eastern part of the intrusion.