The company recently agreed to take up to a 75% stake in the land package by paying Canada Enerco $50,000 in cash plus 200,000 shares. To take an initial 50% interest, Quincy must also spend at least $850,000 on exploration by Sept. 1, 2008, and pay another $200,000 in cash and issue 400,000 shares. Another 10% can then be had for a further $1 million worth of exploration; Quincy can boost its stake to 75% by completing a bankable feasibility study.
Three previous owners sank a total of 31 holes, and 18 of those were used as the basis for a historic indicated resource figure of 1.3 million tons grading 1.3 lbs. U3O8 per ton. Another 5.3 million tons averaging 1.3 lbs. U3O8 were pegged as indicated resources, with 10.9 million tons averaging 1.1 lbs. U3O8 categorized as possible resources. In all, the resource tips the scales at nearly 17.5 million tons averaging 1.2 lbs. U3O8 per ton, for 20.8 million contained lbs. U3O8.
Quincy considers the figures to be reliable but plans drilling to bring them up to National Instrument 43-101 standards.
The property covers the formerly producing Panel, Conecho and Roche Long Lac uranium mines. Mineralization is hosted by conglomerates typical of the Elliott Lake district, which Quincy says has historically produced 250 million lbs. U3O8.
Be the first to comment on "Quincy plans Elliot Lake autopsy"