In an attempt to diversify, Argosy Mining (VSE) has formed a joint venture with Fleck Resources (VSE) to acquire a 60% interest in the Dunka Road copper-nickel deposit in Minnesota.
To do so, Argosy must buy 400,000 units of Fleck at 25 cents each. A unit consists of one share and one warrant. The warrants can be exercised in the first year at 25 cents and in the second year at 29 cents. The company must also spend $600,000 in the first year and $1 million in both the second and third years to earn a cumulative 20% interest each year.
The deposit is in the Duluth Gabbro complex in northern Minnesota and contains an estimated open-pit resource of 808 million tonnes averaging 0.432% copper and 0.109% nickel, plus 1.5 grams silver, 0.061 grams gold, 0.437 grams palladium and 0.116 grams platinum per tonne.
Argosy plans to carry out metallurgical testing followed by reserve definition drilling.
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