Coats-listed Bay Resources and Services has optioned a 16-claim property, called the Fontana property, located in Duverny Twp., Que. to an affiliated private company called Stratmin Inc.
Bay holds a 75% interest in the ground and Alberta-listed Jilby Industries has the remaining 25%.
Stratmin has agreed to spend $4 million on the ground over the next two years to earn a 37.5% interest.
Previous drilling has intersected narrow zones of mineralization with encouraging grades. The property is located near Amos, Que.
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