A subsidiary of Montreal-based St. Genevieve Resources (TSE) has signed an option agreement allowing it to earn up to 50% of Scintilore Exploration’s (TSE) P-T gold-base metal property in Quebec’s eastern twp. region. Under the agreement, St. Genevieve Explorations must spend $1 million on exploration before April 1, 1993, including a minimum of $100,000 in each of the next two years.
In addition, St. Genevieve has agreed to purchase by way of a private placement 250,000 common shares of Scintilore for $1 each plus warrants to purchase an additional 250,000 shares for $1.30. The warrants must be exercised within the next 18 months.
The 3,000-acre P-T property is in Panet and Talon twps. within the Bellechasse Mineral belt, a geological structure known to host a number of base metal deposits.
According to St. Genevieve, preliminary geological, geochemical and geophysical surveys on the property have led to the discovery of a number of encouraging gold and base metal anomalies.
Pending approval from the boards of both companies, St. Genevieve will assume responsibility for a 1990 exploration program initiated by Scintilore. Further exploration may consist of mapping and limited drilling.
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