Comaplex Minerals has granted Placer Dome (PDG-T) an option to earn up to a 75% interest in the 286-sq.-km Noomut gold property near Rankin Inlet, in the eastern portion of the N.W.T.
To earn its stake, Placer must spend $8 million over a five-year period. Under the agreement, Placer has committed to spend at least $500,000.
Planning is underway for a $1-million summer exploration program focussing on surface geophysical surveying. Also included are plans for 2,500 metres of drilling.
Drilling will focus on the property’s Esker gold occurrence. Previous drilling on the occurrence in 1997 returned a best interval measuring 71 metres and grading 2.4 grams gold per tonne, including 6.5 metres of 6.4 grams and 5 metres running 7.2 grams. Drilling will also target other gold occurrences.
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