Crown Butte options Noranda properties

Under the terms of its option with Noranda Inc. (TSE), Crown Butte must fund the project to the point of a feasibility study. Noranda will then have the right to acquire 51% by providing funds to place the project into production.

The $1.5-million(US) program includes work to extend and better define recently announced geologic reserves of 2.3 million tons grading an average of 0.111 oz gold, 0.45 oz silver and 0.72% copper on the New World property.

This season’s program operated by Noranda will also include follow-up work on the Cochrane property. Nine previously drilled holes returned intercepts assaying above 0.1 oz gold, with the highest being 5.9 ft of 1.634 oz gold (uncut) at 540-546 ft. Other intercepts include 35 ft of 0.233 oz gold at 50-80 ft and 45 ft of 0.203 oz gold at 140-185 ft.

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