North American Palladium (NAP-T) and Rare Earth Metals (REM-V) have signed a definitive agreement to explore for nickel-copper deposits in the Lynn Lake area of Manitoba.
Through the agreement with Rare Earth, Lac des les Mines, a subsidiary of North American, gets an option to earn 65% of Rare Earth’s interest in a 28-sq.-km land package covering five gabbroic intrusions in the Lynn Lake area. Rare Earth, in turn, has an agreement with privately owned Strider Resources to earn 100% of the property by spending $750,000 by May 2009. Strider retains a 3% net smelter return.
North American is funding an airborne magnetic and electromagnetic survey over the property to identify structural and intrusive features that might be prospective for nickel and copper mineralization. Nickel-copper deposits in the Lynn Lake area were mainly pipe-like bodies in gabbro plugs.
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