Nexus Resource Corp. has concluded a joint venture agreement with St. Joe Canada and Imperial Metals Corp. on their Silver Pond property in the Toodoggone area of B.C.
Under the agreement Nexus will initially acquire Imperial’s 20% interest in the property for 200,000 shares. Nexus can increase its interest to 49% for $3 million in expenditures over the next two years. An expenditure of $2 million is planned this year which would give Nexus a 39.2% interest.
St. Joe, the operator, will carry out a 10,000-m diamond drilling and trenching program which will begin immediately. The property is located adjacent to Cheni Gold Mines’ Lawyers project which should be in production next year.
An auriferous area called the West zone with a strike length of at least 700 m will be a priority drill target, says Nexus. Four earlier holes drilled over a 125-m portion of the strike length returned an average of 8.8 g gold per ton across a true width of 1.1 m. A number of other geochemical and geophysical targets exist on the property which will be trenched and sampled before drilling.
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