Sunburst seeks new partner for Tribag

Toronto-based Sunburst Exploration (TSE) says Noranda (TSE) has elected not to proceed with the second stage of an exploration program on Sunburst’s Tribag copper property in northern Ontario. The property, about 65 miles north of Sault Ste. Marie, Ont., hosts a former underground copper mine which operated in the late 1960s to the mid-1970s.

During the first half of this year, Noranda completed a review of technical and geological data on the former copper producer with a view to implementing a $2-million exploration program. But, having completed its review, Noranda decided not to proceed with the next stage of the joint venture.

Sunburst says it will use Noranda’s compilation report on the Tribag property to attract another joint venture partner.

The senior company had originally been granted an option to earn a 60% stake in the 125-claim property by spending $2 million on exploration over a 5-year period, and making cash payments totalling $200,000.