Tribute Minerals (TBM-V) has completed an earn-in on its optioned properties in the Confederation Lake area of northwestern Ontario from Falconbridge (FAL.LV-T, FAL.N).
Tribute’s four-year deal, made with Noranda in 2002, required it to spend $3.5 million over four years to earn a 100% interest in the land package, which covers a set of base-metal prospects in the Confederation Lake greenstone belt. Falconbridge can back in for a 50% interest on a massive sulphide deposit larger than 8 million tonnes or a gold deposit larger than 1 million oz. by paying Tribute’s expenses on the project, plus 50%.
If Falconbridge turns down its back-in right, it keeps a 2% net smelter return and receives $2 million in cash in two payments.
Tribute has been drilling the Arrow Zone propsect, one of the former Noranda projects covered by the agreement. Samples from that drilling are currently out for assay.
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