Cancor picks up Joutel

Montreal-based Cancor Mines (KCR-M) has taken up an option from Quebec Crown corporation Soquem, allowing it to earn a half-interest in the Kistabiche base metal property near Joutel, Que.

The 17-sq.-km property includes the Kistabiche massive sulphide deposit, where earlier work outlined a 1-million-tonne deposit with average grades of 7.13% zinc, 0.69% copper, and 31 grams silver per tonne. Discovered in 1963, the deposit saw some underground exploration before being put on the shelf.

The property is in the Joutel-Raymond volcanic belt in the northern part of the Abitibi geological subprovince. The belt played host to four former-producing massive sulphide deposits, including Mines de Poirier and Agnico.

Cancor, which will manage the exploration work, must spend $800,000 over the next five years to earn its interest. After five years, Cancor and Soquem will form a joint venture with costs shared equally.