McChip gains option on Garrison ground

McChip Resources has obtained an option from Noranda Exploration giving McChip the right to earn up to 50% of Noranda’s interest in a property in northeastern Ontario’s Garrison Twp., north of Kirkland Lake.

McChip must spend $300,000 on the property over the next two years to earn its full interest with further expenditures to be split between the two companies. The joint venture could then earn a 70% interest in the prop erty by spending a total of $600,000.

McChip says it is also planning a winter drilling program on a property near Cameron Lake in northwestern Ontario which is jointly held by it and Jascan Resources.