CDN-listed Band-Ore Resources recently acquired two properties near Timmins, Ont. In Denton and Thorneloe twps., the company acquired 20 leased and 120 unpatented mining claims from joint owners Homestake Canada and Torogold Resources (CDN).
Previous drilling has identified a near-surface resource of 290,000 tons grading 0.074 oz. gold per ton. This zone is open to depth and along strike to the west.
Under the deal, Homestake and Torogold will be issued Band-Ore shares, and they will retain a combined 3% net smelter return (NSR) royalty, subject to a buyout clause.
The second project, acquired from Southern Africa Minerals, (ASE), consists of 3 claim groups that are contiguous to the Homestake-Torogold property. Southern Africa will be issued 75,000 Band-Ore shares and retain a 3% NSR. Band-Ore now holds more than 450 claims straddling the Destor Porcupine Fault zone. Of these holdings, the 66-claim Thunder Creek project has been optioned to Hemlo Gold Mines (TSE), while Teck (TSE) is earning a 51% interest in the 41-claim Bristol Lake property.
Hemlo can earn a 60% interest in the Thunder Creek project by spending $1.5 million on exploration and paying $200,000. Ground geophysics and diamond drilling are under way.
At Bristol Lake, Teck can earn a 51% interest by spending $800,000 and paying $105,000. Teck has begun an induced-polarization survey in preparation for diamond drilling.
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