An option to earn a 51% interest in the optioned interest of Vanderbilt Gold Corp. in the La Dura gold property in the Mulatos mining district of Sonora, Me., has been acquired by Greater Lenora Resources (TSE).
Lenora may earn its interest by spending US$500,000 on exploration work and property payments by Oct. 30, 1993. Vanderbilt may earn a 100% interest by making payments totalling US$1.5 million by the same date.
A joint venture is planned by the two companies, with Lenora acting as operator, once the earn-ins have been completed. The property is considered a possible bulk-tonnage project.
A 2-phase exploration program has been recommended. The $142,000 first phase, four months in duration, would involve mapping, trenching and sampling. The $389,000 second phase, to take three months to complete, would involve reverse circulation drilling.
To the east of La Dura, Placer Dome affiliate Real de Angeles is developing a bulk-tonnage gold deposit.
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