If the examination is positive, Michele has the right to earn a 75% interest by spending $500,000 on exploration over a 2-year period.
The property, which has been inactive for more than 20 years, adjoins the Great Lakes Nickel property. Great Lakes hosts low grading nickel reserves of more than 50 million tons. Extensions from this zone strike onto the Midland claims.
Drilling completed by Midland in the 1960s confirmed the continuation of the Great Lakes nickel zone onto its claims. Of the better drill holes completed by Midland, one intersected 67 ft grading 0.49% copper and 0.23% nickel per ton. Platinum group metals were also detected.
Any future agreement between the companies will remain subject to financing, Michele says.
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