Partners Glen Auden Resources (TSE) and Cross Lake Minerals (VSE) have reached an agreement in principle concerning their land package in the Casa Berardi area of Quebec.
New Legend Metals, a private British Columbia-based company, has agreed to earn a 25% interest in the package from Glen Auden and/or Cross Lake by paying the partners $100,000, issuing 200,000 shares and spending $250,000 on exploration over three years. A further 26% interest may be earned by spending an additional $250,000. At that point, a $450,000 expenditure by July 31, 1994, will boost New Legend’s stake to 70%.
Glen Auden has an interest in, and/or the rights to earn an interest in, 295 claims in Casa Berardi and Estrees twps. The property covers a 10-mile strike length and is accessible on the east side by the Selbaie mine road and by logging roads that link with routes to the Inco-Golden Knight mines on the west.
Previous work on the boundary of the claims uncovered a 13-ft.-wide sulphide horizon which yielded assays as high as 0.19 oz. gold per ton. An IP (geophysical) anomaly associated with the zone has been traced for more than 1,000 ft. and remains open along strike. Below this horizon, several EM conductors within the Poirier-Joutel copper-zinc horizon have yet to be tested.
The partners are planning detailed ground geophysics to trace the full extent of the gold zone and other possible zones. Diamond drilling is expected to follow.
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