Cyprus options Queenston bet near Kirkland

The Canadian exploration unit of a major U.S. company has stepped in to fill the shoes of Battle Mountain Canada on the Amalgamated Kirkland property near Kirkland Lake, Ont.

Cyprus Canada, a unit of Colorado-based Cyprus Minerals (NYSE), has agreed to earn a 70% interest in the gold property from Queenston Mining (TSE) by spending $500,000 per year and providing Queenston with a positive feasibility study within 10 years. Queenston will also receive $900,000 in cash over the 10-year period.

The 25-claim property lies about 4,000 ft. south of the Kirkland Lake Main Break, which produced most of the area’s gold in the past.

Battle Mountain spent about $3 million exploring the property before closing down its Canadian exploration office earlier this year. In the process, it outlined the deep 102-103 zone, which has been tested laterally for 5,000 ft. and remains open below 2,500 ft. Results include 0.17 oz. gold over 100 ft. and 0.19 oz. gold over 27.9 ft.

Cyprus, which recently closed an office in western Canada to concentrate instead on Ontario and Quebec, is expected to begin a 10,000-ft. drilling program on Amalgamated Kirkland this June.

“We are being very aggressive in eastern Canada, particularly along the Abitibi belt,” said regional manager Steven Parry who supervises a 10-man office in Timmins, Ont.

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