Calgary-based Mid-North Resources (mnu-a) has signed a letter-of-intent agreement with one of its directors to acquire two properties in Nova Scotia, including the past-producing Walton barite-silver mine.
Mid-North will acquire a 100% interest in the properties from W.D. Dunlop in exchange for 182,000 Mid-North shares and a 1% net smelter return royalty.
Dunlop was not involved in the company’s decision to acquire the properties.
The Walton mine was once Canada’s largest producer of both barite and silver, having cranked out 4.3 million tons of barite and 3.4 million oz. silver over 30 years.
By the time the mine closed in 1978, it had also produced a total of 62,650 tons of lead, zinc and copper concentrates. Mid-North acquired the property for its silver and copper potential.
The second property, Smithfield, is 21 km from the Gays River mine of Savage Resources. Drilling in 1990 by Westminer Canada (now part of Australian major Western Mining) intersected favorable zinc mineralization there, and Mid-North notes that the property hosts several untested geophysical targets.
The company soon will begin surface exploration at the properties.
Be the first to comment on "Mid-North director sells Walton"