Aquagold, Granges form joint venture

Exploration on the Noel Paul’s Brook base metal property in central Newfoundland will begin shortly following a joint venture agreement between AquaGold Resources (ASE) and Granges (TSE). Granges can earn a 70% interest in the property by making cash payments of $165,000 and spending $435,000 on the property by June 1, 1993. In addition to the Granges financing, Aquagold has also raised $250,000 in flow-through financing.

The Noel Paul’s Brook property lies within the Tally Pond volcanic belt, along strike from Noranda’s Duck Pond base metal discovery. Aquagold has identified several targets for follow-up work.

Aquagold says it will also begin to evaluate gold anomalies on other properties in Newfoundland and Nova Scotia as soon as the flow- through financing comes through.