Another round of exploration could begin soon on the Lorraine property, one of the earliest copper discoveries in British Columbia. Lysander Gold (VSE) plans to option the project from Kennecott Canada, subject to a formal agreement and regulatory approval.
The property was explored in the past for copper and gold, and geological inferred reserves were outlined in one of four areas of copper mineralization. The project is in the Omineca mining division, near Lysander’s Cat property.
Lysander intends to focus its exploration efforts on areas where high-grade copper-gold was intersected by widely spaced drill holes within the extensive zones of copper mineralization.
To earn a 100% interest, Lysander must pay $10,000 upon signing of a formal agreement. It must also issue 100,000 common shares and commit to a $100,000 exploration program within 18 months of signing the formal agreement. A further 100,000 shares must be issued after completion of the exploration program.
Kennecott will retain a 60% back-in right upon presentation of a positive feasibility study if minable reserves are greater than 150 million tonnes grading 0.6% copper or copper equivalent.
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