Taurus snaps up Cassiar area project

Junior International Taurus Resources (ITU-V) will earn a 70% interest in a block of claims near Cassiar, B.C.

The company will act as project operator and, initially, earn up to a 50% interest by spending $600,000 over three years. The vendor, Cusac Gold Mines (CQC-T), will also receive 300,000 shares of Taurus.

Taurus can earn an additional 20% by completing a bankable feasibility study and carrying Cusac’s cost of developing the project to production.

Comprising 15 sq. miles, the claim block adjoins Cusac’s 96-sq.-mile Table Mountain gold mine property, which has yielded 13,010 oz. gold this year to date.

Cusac recently bought back the claim block from the Canadian subsidiary of Cyprus Amax Minerals (CYM-N), which had held an option on the claims since 1995. (Cusac had owned it previously.)

Cyprus Amax spent $3 million last year drilling 78 holes in an attempt to prove up a low-grade, bulk-tonnage deposit but walked away this summer after deciding the deposit did not meet its requirements.