Calgary based Delaware Resources has signed a letter of intent to option four of the Ungava region prospecting permits in Northern Quebec to Beaufield Resources Inc. Delaware holds a 50% working interest in prospecting permits 716,717,718 and 719 totalling approximately 79,300 acres.
Exploration has confirmed the presence of elevated platinum group metals in the permit areas, associated with differentiated layered intrusions. Falconbridge Ltd., in joint venture with Resources Oasis Inc., is continuing a very aggressive exploration program on the adjacent property, with plans for this season including diamond drilling. Beaufield Resources will earn a 5 1% interest in the property by funding $600,000 in exploration over the next three years.
Upon completion of the Beaufield earn-in, Delaware will have a 24.5% working interest in the project. This option agreement will allow for the continued exploration of the property.
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