Lac Rocher property picture begins to clear

Staking around the Nuinsco Resources (NWI-T) nickel-copper discovery near Lac Rocher, Que., is continuing, as option deals are being signed on properties in the region, about 120 km northeast of Matagami.

One of the first Lac Rocher stakers out of the gate was Moss Resources (MRS-T), which has now dealt an option on 32 of its claims to Diadem Resources (DIR-M) and Waseco Resources (WSCO-C). The claims are on ground in the gneiss belt with an ellipse-shaped magnetic anomaly similar to the one over Nuinsco’s gabbro intrusion.

Diadem and Waseco can earn 50% of Moss’s interest by spending $250,000 on exploration, paying $90,000 cash, and issuing 100,000 shares of Diadem and 200,000 shares of Waseco.

The two partners can elect to spend another $250,000 to increase their interest to 80%. Should they do this, Moss’s remaining 20% would become a carried interest through to the completion of a feasibility study.

Moss also reported that it has tied eight claims on to the boundary of Nuinsco’s block, down-plunge from the discovery holes. It also has 55 claims on ground that covers a series of other magnetic anomalies.

Freewest Resources Canada (FWR-T) and Murgor Resources (MUG-M), two companies that were also early into the staking rush, mainly obtained ground south and east of the Nuinsco claim group. Murgor also picked up a block of claims near the southwestern end of Lac Rocher.

Freewest has concluded deals with Gold Hawk Resources (CGK-M) and Prospectors Alliance (PALL-C) that give those two companies 50% interests in claims staked by Freewest. Gold Hawk has concluded a joint venture on a 3.7-sq.-km block about 4 km south of the Nuinsco discovery, and Prospectors Alliance has 50% of a 9.1-sq.-km block about 12 km to the northeast. Freewest has another deal with Transgold Explorations & Investments (TEII-C), on a 6.4-km block south of the Nuinsco ground, and another 17 sq. km held outright.

Nuinsco, meanwhile, has closed its special warrant financing, raising $10 million. Drilling on the Nuinsco target is to resume shortly.

Two other companies announced acquisitions from private companies or prospecting syndicates in the Lac Rocher area.

Queenston Mining (QMI-T) has an option to buy a 6.4-km property about 24 km northeast of Lac Rocher, covering three magnetic anomalies on the contact between the gneiss belt and the Lac Evans volcanic belt. Queenston, which acquired the property for $40,000 and 100,000 shares, must spend $50,000 on exploration and make another cash payment of $20,000 by May 4. Over the next three years, Queenston can earn in by paying another $100,000, issuing 100,000 more shares, and spending $450,000 on exploration. The vendors keep a 3% net smelter return royalty (NSR), half of which can be bought out for $1.5 million.

Dumont Nickel (DNI-M) optioned a 2.4-sq.-km property on the southern boundary of the Nuinsco claims. Its deal pays a private company $54,700 immediately and a further $15,000 a year for three years. Dumont issues 200,000 shares to the vendors, who keep a 3% NSR.

International Kirkland Minerals (IKI-V) has taken an option on a 50% interest from Dumont and will be paying $55,000 cash and issuing 50,000 shares to Dumont. International Kirkland will be footing the bill for exploration on the property, having assumed Dumont’s option requirement to spend $375,000 on exploration over the 3-year option period.

International Kirkland has also picked up three other Lac Rocher properties. One, about 18 km east of the Nuinsco prospect, hosts two magnetic anomalies in the gneiss belt, and International Kirkland has committed to $200,000 in exploration expenditures over three years. A second property is 8 km north of the Nuinsco discovery, and a third is 12 km north. Both were acquried for cash, shares, and a 2% NSR without a work commitment.

Goldeye Explorations (GEYE-C) and Novawest Resources (NVE-V) have staked a total of 707 claims (representing 113 sq. km) that cover four geophysical targets, all with coincident magnetic and electromagnetic anomalies. Geophysical surveys are planned.

Fairstar Explorations (FFR-M) is also targeting magnetic anomalies, having staked a 16-sq.-km block about 30 km west of the discovery in the Salamandre intrusive complex, a gneissic body similar to the Nipukatasi complex that hosts the gabbro intrusion Nuinsco is drilling.

Beaufield Consolidated Resources (BFD-V) has staked 76 sq. km in the Lac Evans volcanic belt, east of Lac Evans and south of Lac Le Gardeur, and about 30 km north of Lac Rocher. Beaufield plans mapping and airborne magnetic-gradient and electromagnetic surveys in the area, which covers a number of elongate gabbro intrusions in the volcanic belt.

Other companies that have announced staking or acquisitions in the area include Boreal Exploration (BOR-M), Levelland Energy & Resources (LVL-V), Golden Hope Mines (GNHM-C), Fjordland Minerals (FML-V) and Scintilore Explorations (SLP-T).