Management of Corner Bay Minerals (TSE) has received encouraging results from two separate joint ventures near Chibougamau, Que.
On the Group 1 “Inner Block” property, where copper reserves have been outlined, MSV Resources (TSE) and Cache Explorations (ME) report that environmental permitting is under way and that a seismic survey has outlined a site for a shaft.
In addition, the road to the site has been upgraded, and tenders from mining contractors, related to the shaft-sinking and underground development, will be let shortly.
Together, Cache and MSV can earn a 100% interest in the 16-claim property by bringing it into production by July, 1997. Corner Bay will receive a sliding-scale royalty payment varying between 1 cents and 3 cents per lb., based on the price of copper. Minimum annual royalty payments will be $200,000.
The property hosts probable and possible reserves of 960,000 tonnes grading 5.28% copper.
Meanwhile, on the 500-claim Group 1 “Outer Block” property, joint-venture partner Societe Quebecoise d’Exploration Miniere (or Soquem) has outlined several geophysical anomalies in areas of known mineralization, following an induced-polarization survey.
The Quebec Crown corporation plans to complete a 1,400-metre drill program to evaluate the A, B, C and D copper zones, as well as a cobalt-silver zone. SOQUEM can earn a half interest in the Outer Block property by spending $1 million on exploration over four years.
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