Celtic, Jilbey lure Rio to Hungry Hill

Partners Celtic Minerals (CME-A) and Jilbey Exploration (JLB-M) have lured Rio Algom (ROM-T) to their equally owned Hungry Hill polymetallic property in central Newfoundland.

Rio can earn a 51% interest in the property by paying $350,000 in cash and spending $4 million on exploration over the next four years. Of these amounts, $90,000 in cash and $400,000 in expenditures are required within one year of the signing of a definitive agreement.

Rio can acquire an additional 9% for $650,000 in cash and $1.5 million in exploration expenditures.

The Hungry Hill property is considered prospective for volcanogenic massive sulphide deposits. Drilling has returned up to 4 metres of 4.99% zinc plus 16.44 grams silver and 0.85 gram gold per tonne. As well, one hole intersected sulphide-bearing clasts with high grades of zinc, copper and lead, as well as gold and silver.

Print

Be the first to comment on "Celtic, Jilbey lure Rio to Hungry Hill"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close