Under a new agreement with Westmin Resources (TSE), Tanqueray Resources (ASE) has the option to earn a 100% interest in the Little Stull Lake gold project in northeastern Manitoba.
Currently, the Calgary-based junior holds a 46.7% stake in the property while Westmin holds a 53.3% interest.
The agreement calls for exploration expenditures of $1.5 million before Dec. 31, 1996, and the issuance of 100,000 Tanqueray shares to Westmin. In addition, Tanqueray becomes operator and Westmin retains a 2% net smelter royalty.
Exploration on the 6,756-acre property has identified gold mineralization along a 4.2-mile section of the Little Stull break. To date, 202 holes (100,120 ft.) have been drilled, revealing five gold-bearing zones. Reserves on the West zone, which make up 25% of the mineralized strike length, stand at 825,000 tons grading 0.3 oz. gold per ton to the 1,100-ft. level.
Tanqueray says preliminary exploration will be followed by drilling in late 1991 or early 1992.
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