Toronto-based Euro-Nevada Mining (TSE) recently added some royalty interests in the Harker-Holloway gold camp in northern Ontario to a portfolio of royalty assets that already encompasses the Eskay Creek, B.C., and Carlin, Nev., regions. Euro-Nevada says it has agreed to purchase royalties ranging from a 2% to a 4% net smelter return in 10,000 acres along the Destor-Porcupine faults from J.M. Asbestos and Manville Canada for $1.17 million.
The package includes a 2% net smelter return on American Barrick Resources’ (TSE) Mattawasagea gold zone which is located on claims adjacent to Barrick’s Holt-McDermott gold mine.
Estimated to contain two million tons of grade 0.18 oz. gold per ton to a depth of 1,400 ft., the Mattawasaga zone is expected to be brought into the Holt-McDermott production picture as early as 1992.
The royalty package also encompasses some Harker and Holloway twps. claims optioned from Canamax Resources (TSE) by Noranda Exploration that are known to host an easterly extension of the Lightning zone joint venture involving Noranda (TSE) and Freewest Resources (TSE).
Along with the East and 42 zones, the extension zone forms part of the Golden Highway project, on which Noranda is spending $6.2 million to earn a 50% interest.
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