Aur Resources (TSE) has taken an option on Morgain Minerals’ (VSE) base metal properties in New Hampshire.
Under the agreement, Aur can earn a 60% interest in the Higgins, Milan, Paddock and New Hampshire silver-lead properties by spending $1.2 million on exploration over three years, including $350,000 in the first year, and funding annual lease payments.
Expenditures within a surrounding area of mutual interest will be eligible for earn-in purposes.
Morgain’s properties lie within a major northeasterly trending volcanic belt that extends from Newfoundland to Alabama. A drill program completed on the Higgins property earlier this year outlined a low-grade sulphide deposit at least 700 ft. in length and 600 ft. in true width. The widest intersections returned 0.25% zinc over 138 ft. and 1.32% zinc over 22.6 ft. A program consisting of linecutting, geological mapping and geophysical surveys is under way. Drilling is expected to begin in the fall.
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