Junior Regal Goldfields (REGL-C) has formed a joint venture with privately owned Tagalder, enabling the former to earn up to a 75% interest in the Kiglapait nickel-copper-cobalt property in northern Labrador.
Regal will earn an initial 25% interest by spending $250,000 on exploration in 1998. To earn an additional 50%, the company is required to spend $1.5 million over the following two years. Tagalder will pay Regal a fee of $25,000 for managing the joint venture.
The 6,925-ha property is almost completely overlain by the Labrador Sea, and lies 100 km northeast of the Voisey’s Bay nickel copper discovery.
Underlying the property is what geologists believe could be the basal portion of the Kiglapait Intrusion, one of a series of troctolite intrusions belonging to the Nain Plutonic Suite.
Tagalder controls 14 km of strike length along the basal portion of the Kiglapait Intrusion. The remainder, currently controlled by Inco, was staked by Diamond Fields Resources after its Voisey’s Bay discovery. Drill results reported by Diamond Fields in late 1995 from their Dudley prospect, in the southern part of the intrusion, indicated the presence of “disseminated semi-massive sulphides.”
The 1998 exploration program will focus on anomalies delineated by a 1996 aerial magnetometer survey. Watts, Griffis & McOuat will carry out the work.
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