Ft. MacKay deal nixed by Lac and Tintina

Three TSE-listed companies — Lac Minerals, Tintina Mines and NSR Resources — have ceased negotiations to pool land and jointly develop a gold exploration program in the Fort MacKay area of northeastern Alberta.

Each party has opted, instead, to explore its holdings independently. Lac has a land position covering 3.8 million acres while Tintina and NSR, combined, hold more than 3 million.

Tintina and NSR are negotiating a $3.7-million financing, $2.6 million of which will be spent in the Fort MacKay area. The two companies have identified 10 specific targets and four of these have been earmarked for immediate work. Exploration is already under way on the Firebag River property, where the juniors intend to explore well into the Precambrian basement.