NovaGold Resources (NRI-T) has signed a new agreement with privately owned Sheridan Platinum Group to acquire a 100% interest in the Murray Brook polymetallic property in northern New Brunswick.
An earlier agreement, which was signed in mid-1995, gave Sheridan the right to earn a 60% interest in the property by funding all exploration until production. The company has now agreed to relinquish that right in exchange for 200,000 NovaGold shares.
The Murray Brook property was the site of small-scale copper mining in early 1992. The operation was suspended later that year due to inclement weather, and the subsequent decline in copper prices prevented the project from restarting.
NovaGold is currently preparing a second phase of drilling in hopes of outlining enough reserves to warrant restarting the operation. The program will total 1,800 metres and focus on the down-plunge extension of a rich lead-zinc zone that was intersected in the first phase of drilling (T.N.M., April 6-12/98).
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