In a move to diversify into base metals, Tri Origin (TOE-T) has formed a joint venture with Savage International Exploration, a unit of Savage Resources of Australia.
The parters will explore Central and Eastern Canada for volcanogenic massive sulphide deposits, with Tri Origin as operator.
Savage will earn a 60% interest in the venture by funding initial exploration expenditures of $1.5 million, and will operate any deposits brought to the prefeasibility stage. Tri Origin holds the remaining 40%.
Savage meanwhile holds a 49% interest in the Ernest Henry copper-gold-cobalt deposit in Queensland, Australia. Scheduled for startup in the third quarter of 1997, the project has proven and probable reserves of 127 million tonnes grading 1.14% copper and 0.55 gram gold per tonne.
The deposit is estimated to contain 1.4 million tonnes copper and 2.25 million oz. gold.
Tri Origin is developing two polymetallic deposits at its Lewis Ponds property, also in Australia.
Reserves in the Main zone are estimated at 2.7 million tonnes grading 3.6 grams gold and 123 grams silver per tonne, as well as 0.21% copper, 2.56% lead and 4.17% zinc. The Tom’s zone, 800 metres to the southeast, contains fewer reserves but at a similar grade.
In a separate joint venture in the surrounding area, Tri Origin will explore for base metals in partnership with Lachlan Resources.
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