Montreal-based Freewest Resources Canada (FWR-T) is acquiring a polymetallic property 65 km northwest of Wawa, Ont., in the eastern portion of the Michipicoten greenstone belt.
To earn a 100% interest in the 10,000-acre McKewen Lake property, Freewest must pay $75,000 and issue 140,000 shares over four years. The private vendors will retain a 2.5% net smelter return royalty.
Base and precious metal mineralization was discovered on the property by Terry Nicholson and Gaston Gratton while prospecting on new logging roads.
The discovery consists of heavily disseminated to semi-massive, banded sphalerite, pyrite and lesser chalcopyrite hosted in sericitized and chloritized felsic volcanic flows and fragmentals.
Mineralization, which has been uncovered over a true width of 3 metres in trenches, is contained in a broader zone of altered felsic volcanics containing disseminated sulphide mineralization. Grab samples of semi-massive sulphide mineralization grade up to 6.6% zinc and 5.59 grams gold per tonne.
Trenching and ground geophysics are under way at the main discovery area, and various geophysical and geochemical anomalies will be targeted in subsequent work.
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