An option to earn a 70% interest in the 74,000- acre Tikiraq property owned by Aber Resources (TSE) was recently granted to Echo Bay Mines (TSE). The property, 320 miles northwest of Yellowknife, N.W.T., adjoins the George Lake joint venture claims where Homestake Mineral Development and Kerr McGee outlined reserves in excess of two million tons grading 0.29 oz. gold per ton. The agreement allows Echo Bay to earn the interest by making cash payments totalling $50,000 over five years and property expenditures of $2 million over five years. Echo Bay plans to spend about $30,000 on preliminary prospecting this year.
In a separate deal, Aber and Continental Pacific Resources (VSE) optioned 50% of their Goodwin Lake property to Can-Mac Explorations (VSE) in exchange for property expenditures of $1 million over four years.
The property is in the Yellowknife greenstone belt, 40 miles north of Yellowknife. Can-Mac will spend about $50,000 on the property this season.
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