Cyprus to drill at Massicotte

A drilling program is scheduled to begin this month on the Massicotte property north of La Sarre, Que., Radisson Mining Resources (ME) reports.

Radisson says it has signed an option agreement, subject to regulatory approval, with Cyprus Canada. The option belonging to Homestake Canada on the Massicotte property was sold to Cyprus, Radisson says.

Cyprus may acquire a 51% interest in the property by spending $1 million on exploration work during a 4-year period, and by making cash payments of $110,000 to CS Resources Ltd. (in return for the latter’s interest on the property which will become a 1% net smelter royalty). Radisson will retain a 49% interest.

Radisson says Cyprus must spend at least $200,000 by April 30 to meet its obligations.

Meanwhile, Radisson says it will undertake a drilling program on the Lepine property north of Rouyn-Noranda, Que. The company has an option to acquire a 100% interest in the property, subject to a 3% net smelter royalty (payable to Cambior Inc.) should the property enter commercial production.