Voisey Bay area attracts juniors

Two concessions east of Schefferville, Que., and about 85 miles southwest of the Voisey Bay nickel-copper-cobalt discovery in neighboring Labrador will be explored by New Golden Sceptre Minerals (VSE).

The properties encompass a series of zones containing copper-nickel-cobalt and platinum mineralization. At least five such zones were discovered by previous operators, including La Fosse Platinum.

Golden Sceptre agreed to issue 1 million flow-through shares (with warrants for an additional 1 million shares) to the Sheridan Platinum Group at 40 cents per share. This will allow the junior to explore and develop the two concessions, although the Sheridan Platinum Group retains a 25% back-in right to production.

New Golden Sceptre intends to evaluate the mineralized showings and explore for depth and strike extensions of the known zones, as well as investigate the possibility of the existence of other mineralized zones. Work is expected to be carried out throughout the 1995 spring and summer seasons.

Meanwhile, Taurus Exploration (VSE) has acquired a 100% interest in two separate claims within the Harp Lake pluton, south of the Voisey Bay discovery. The junior must make a cash payment and issue 100,000 shares for each claim. The vendor retains a 1.5% net smelter return (NSR), which is reduced to 0.5% by payment of $1 million.

First Western Minerals (VSE) has signed three separate agreements to acquire about 64,000 acres some 15 km west of the Voisey Bay discovery. The company must make cash payments and issue 300,000 shares. The vendors each retain a 3% NSR; the company has the right to buy back a 2% NSR for $2 million. The vendors in two of the agreements will receive warrants in First Western.