Calgary-based NEBEX Resources (ASE) has optioned a portion of the Northbelt claims near Yellowknife, N.W.T., from Royal Oak Mines (TSE).
The claims, covering 5,200 acres, contain three subeconomic gold deposits: the Crestaurum, the Lynx and the GKP. Royal Oak retains ownership of, and the right to mine, the Crestaurum deposit.
NEBEX plans to develop drill targets in the vicinity of the Lynx-GKP zone. NEBEX must spend $4 million and complete a positive feasibility study to earn a 50% interest in the property.
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