Mining giant American Barrick Resources (TSE) can earn a 60% interest in the Michaud-Nufort property in northeastern Ontario’s Michaud Twp.
The company may earn this interest by paying $400,000 cash and by spending $5.5 million on exploration by May 1, 2000. (Previously, the option to earn the 60% interest was held by Lac Minerals, which Barrick took over this past summer.)
The property, which straddles a 6-km section of the Destor-Porcupine fault, consists of 52 claims held by Moneta and another 86 claims held under agreement with Nufort Resources (TSE).
Barrick plans to drill the extension of three known gold zones associated with syenite intrusives, sediments, mafic volcanics, and iron formation.
Be the first to comment on "Barrick options Michaud-Nufort"