Duration, Thor sign agreement for exploration

A letter of agreement covering exploration of 48 claims in the Bamoos Lake area in northern Ontario has been signed by Duration Mines and Thor Lake Explorations.

The property, located about 40 miles northwest of Hemlo, has potential for platinum, palladium, gold and copper. It covers 4.5 miles of strike length of the favorable gabbroic unit which hosts the Fleck Resources platinum-palladium- copper deposit on the east margin of the Coldwell intrusive complex.

Fleck reports reserves of 47 million tons grading 0.02 oz platinum and 0.054 oz palladium per ton, 0.42% copper plus minor nickel, cobalt, rhodium, gold and silver.

The agreement calls for Duration to spend an initial $50,000 on core logging, assaying, geophysics, mapping and to manage a $500,000 exploration program financed by Thor.

Duration has the right to spend the next $500,000 within 18 months to earn a 45% interest, and a further $500,000 within 18 months to earn an additional 15% interest, for a total of 60%. If either party becomes non-participating, its interest will fall to 10% of net profits.

In other news, Duration has signed private placements for flow- through shares as follows:

CMP 1987 (Quebec) Resource Partnership and Co., Ltd. (the Fund) for $400,000, Feb 17;

1987 (No 1) Mintax Mineral Partnership and 318861 B.C. Ltd. for a minimum of $100,000 and a maximum of $200,000, Feb 17;

1987 (No 2) Mintax Mineral Ltd. Partnership and 1987 Mintax Mineral Ltd. for a minimum of $100,000 and a maximum of $300,000, Feb 17;

MG 1987 Ltd. Partnership for $1,100,430 dated Feb 17; and,

Metfin Exploration Ltd. Partnership for $149,570 dated Feb 17.