NEWS ROUNDUP — Cyprus to option Noble’s Southwin play

Cyprus Canada intends to earn a 60% interest in Noble Peak Resources’ (ASE) Southwin gold project in the Northwest Territories.

It can do so by spending $3 million on exploration and by paying $150,000 over four years. To earn an additional 10%, it must make other (unspecified) payments and work expenditures.

Situated in the Keewatin District, the property consists of the Mac and Cache gold zones. The latter contains 400,000 drill-indicated tons averaging 0.27 oz. gold along a 700-ft. strike length and to a depth of 600 ft. The Mac zone, within which drill targets have been established, has high gold values associated with mafic volcanics.

Cyprus Canada is a division of New York-listed Cyprus Minerals Co.