Wrightbar, joining in the search for base metals in the Val d’Or, Que., area, negotiated an agreement with St. Genevieve Resources (TSE) whereby the latter may earn a 50% interest in the southern part of the property by funding exploration work.
In the past, Belmoral and Wrightbar undertook exploration work for gold showings in the northern portion of the property, which adjoins Belmoral’s gold-producing properties at Val d’Or.
Toronto-based Belmoral, which has a 17% equity interest in Wrightbar, tried unsuccessfully this year to take over the junior. Three of Wrightbar’s five directors were opposed to the proposed deal. At the time of the rejection, the other two members were Belmoral representatives; currently, Belmoral is represented by one director.
Wrightbar and St. Genevieve hope to strike a massive sulphide discovery similar to the Aur/Louvem find five miles to the east in Louvicourt Twp.
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