An exploration joint venture recently formed by a unit of Inco (TSE) and a unit of Colony Pacific Explorations (TSE) provides for further exploration of the Schell Ranch massive sulphide project in Calaveras Cty., Calif.
The agreement provides the Inco unit with a 60% interest in return for US$2.5 million on exploration during the next five years, as well as property lease payments and yearly cash payments to Colony of US$30,000, to an aggregate of US$150,000.
Located about 60 miles north of Colony’s Blue Moon massive sulphide deposit, Schell Ranch hosts a 4-mile-long belt of altered bimodal volcanics with at least two centres of felsic volcanism and several massive sulphide lenses, within an envelope of strong pyritization.
The best hole drilled to date on the property intersected 17 ft. of massive sulphides grading 20.49% zinc, 3.43% copper, 0.64% lead, 10.7 oz. silver and 0.39 oz. gold per ton.
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