Inco options the Mag Lake property from Noble Peak

Midasco Gold, an affiliate of Noble Peak Resources (ASE) and Dejour Mines (TSE), has struck a deal with Inco (TSE) to explore the Mag Lake base metal property in the Northwest Territories.

The nickel giant can earn a 60% interest by making a series of payments and spending $1 million on exploration prior to Sept. 1, 1999. It can earn an additional 10% by spending another $500,000 on exploration and by making an additional payment.

Inco is currently drilling its Heninga Lake deposit, which is adjacent to the Mag Lake property.