HudBay explores in Nfld

A summer field program is set to begin on the Green Bay property in Newfoundland.

Hudson Bay Exploration & Development, a Canadian affiliate of Anglo American (AAUK-Q), can earn an initial 60% interest in the property from Major General Resources (MGJ-V) by spending $3.5 million on exploration and paying $200,000 over four years. A further 15% can be earned by completing a feasibility study. The summer program is budgeted at $300,000 and will consist of geological mapping, geochemical sampling and geophysical surveying. The 600-claim Green Bay property is underlain by the Catcher’s Pond felsic volcanic sequence and hosts showings of volcanogenic massive sulphide-type mineralization, including the 570,000-tonne Lochinvar base metal deposit.

The Catcher’s Pond felsic volcanics are closely related to the nearby Buchans volcanic belt.