Cominco options Tom from Hudson Bay M&S

Cominco Ltd. (TSE) has concluded an agreement with Hudson Bay Mining & Smelting (TSE) to explore the latter’s Tom lead-zinc property in the Yukon.

The Tom property is located on the Canol Road, close to the Yukon- N.W.T. border, about 225 miles northeast of Whitehorse. Under the option agreement, Cominco can earn a 60% interest through expenditures of $5.5 million and cash payments totalling $4 million before the end of 1993. Approximately $1.5 million will be spent by Cominco to explore the property over the next two years.

Extensive exploration work by Hudson Bay since 1951 has identified sulphide deposits containing large quantities of lead, zinc and silver. Cominco’s work will be directed at extending these deposits and discovering new ones. A diamond drilling program is planned later this summer.