Vancouver Shifting from the water purification business to the exploration game, Candor Ventures (CDN-V) has inked a deal with Phelps Dodge (PD-N) to pick up the Holyrood property on Newfoundland’s Avalon Peninsula.
Located 30-km south of St. John’s, the property is underlain by Proterozoic intrusive rocks and volcanic rocks that are cut b the Top Sails fault in the eastern-most portion of the property. A molybdenite showing occurs in the northwestern portion of the property and a geophysical anomaly has been identified at the contact of the intusion and volcanic rocks.
Under the terms of the deal, Candor can earn 100% of the 3,600 ha property by spending $250,000 over 4 years. The major can elect to earn back a 40% stake by spending $600,000. The property is also subject to a 2% net smelter royalty.
The junior plans on propsecting these anomalies and launch additional geophyscal surveys.
On its Twist Lake property in Adrian Twp., Ontario Candor plans to diamond drill test two airborne electromagnetic conductors hosted by felsic fragmental volcanics. The drilling is scheduled for early to mid-February.
In connection with its change of business, Candor has finalized the acquisition of an Ontario company, which holds 18 mining claims in Madoc Twps., Ontario. The area is considered prospective to host iron-oxide copper gold mineralization. The junior has sold all its interest in the water purification business and will now concentrate on mineral acquisitions and development.
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