An agreement whereby Bruneau Mining may earn a 60% interest in Montclerg Resources’ 475 acres of gold property in Walker and Clergue Twps. near Timmins, Ont., has been reached in principle.
To earn its interest, Bruneau is required to make yearly staged payments totalling $285,000 and carry out $1.5 million in exploration work on the property by Dec. 31, 1990.
The Montclerg property is located five miles east and along the same pipestone fault structure that hosts the Bruneau-Canamax Clavos gold deposit which is approaching the preliminary feasibility study stage. Previous drilling on the property indicates reserves in excess of 370,000 tons averaging 0.132 oz per ton.
Following the signing of a formal agreement, Bruneau will carry out an initial drill program to test for extensions of the known gold mineralization and other targets on the property.
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