Soquem seeks interest in titanium property

Soquem, the Quebec Crown corporation, has entered into a joint venture agreement with FinNeth Exploration, a wholly-owned subsidiary of Outokumpu Mines and Billiton Metals, on a titanium property in Quebec’s Eastern Townships.

Soquem can earn a 50% undivided interest in the Sutton Twp. property by spending $50,000 on field work by August. Preliminary work done so far has identified a titanium-bearing paleoplacer environment of considerable lateral extent, as well as a favorable belt of volcanogenic rocks favorable for the occurrence of base metals, Soquem says.

Analyses have returned titanium oxide concentrations which range up to 29%. The principal titanium- bearing minerals are ilmenite, leucoxene and rutile. Values of up to 3% zircon have also been reported.

Soquem says it has also given Equity Silver Mines an option to earn a 40% interest in its Freeman- Buteux gold prospect 110 km southwest of Chibougamau, Que. Equity must cover 1988 exploration costs of $400,000 to earn its interest.