Soquem, the exploration arm of the Quebec government, is set to earn a 50% stake in Aurizon Mines’ (TSE) Bruneau Twp. gold property after closing an option agreement with Aurizon.
Soquem can exercise the option by spending $250,000 on the northwestern Quebec property, 35 miles southeast of Matagami, Que., over a 2-year period. Also, Soquem can acquire 100,000 Aurizon shares at 40 cents by June 15, 1993, and an additional 100,000 shares for 50 cents by June 15, 1994.
Under the agreement, Aurizon will operate a $125,000 phase-one program consisting of 6,000 ft. of drilling and focusing on previously untested geological targets associated with the Cameron Deformation Corridor. Drilling is scheduled to begin this month.
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