LAST BUT NOT LEAST — Cyprus options Noble Peak bet

Cyprus Canada can earn a 60% interest in Noble Peak Resources’ (ASE) Southwin project in the Keewatin district of the Northwest Territories.

Cyprus will pay $150,000 and spend $3 million on exploration over four years. It also has a one-time option to earn a further 10% by making additional payments and expenditures.

The property contains both the Mac and Cache gold zones. Shallow drilling on the latter has outlined 400,000 tons grading 0.27 oz. gold per ton along a 700-ft. strike length and to a depth of 600 ft. The Mac zone contains high-grade gold values and several targets have already been established. Drilling is planned.