Cancor looking in Joutel camp (March 17, 2005)

Geophysical surveys are underway at the Bonfortel project of Cancor Mines (KCR-T) near Joutel in northwestern Quebec, following up on the results of earlier rock-geochemistry surveys.

The Bonfortel property is immediately northwest of Cancor’s Kistabiche property and the two share similar geology, being underlain by felsic volcanic rocks of the Joutel complex. The Joutel Copper and Poirier zinc-copper deposits are both hosted in Joutel felsites.

One drilled prospect, the Fourth Corner occurrence, is on the Bonfortel property. One drill hole cut a 2.8-metre massive sulphide intersection that graded 7.68% zinc and 0.77% copper, with 0.14 gram gold and 41.8 grams silver per tonne.

Cancor plans a 3,000-metre drill program once the geophysical results are in.

Cancor and Aur Resources (AUR-T) agreed in November to a deal under which Cancor gets a 100% interest in the property, subject to a 2% net smelter return royalty retained by Aur. In exchange, Cancor must spend $500,000 over five years and issue 100,000 shares and the same number of warrants to Aur. Cancor has earned its 50% interest in Kistabiche under an option deal with Soquem.