The major can earn an initial 55% interest in the TL (Tasisuak Lake) property by spending $1.5 million on exploration and paying $250,000 in cash over four years. Falconbridge can boost its interest a further 10% by completing a bankable feasibility study.
The property was explored in the mid-1990s by partners Consolidated Viscount Resources and Consolidated Magna Ventures. The pair outlined a couple of geophysical anomalies coinciding with multiple gossans and sulphide showings. Grab samples from the gossans yielded anomalous nickel, copper and cobalt, while the better sulphide samples ranged from 0.22% to 1.36% nickel, 0.55-0.76% copper and 0.01-0.07% cobalt.
A first pass of drilling intersected a near-surface mineralized gabbro dyke with disseminated-to-semi-massive sulphides. Intercepts included: 3.72 metres grading 0.72% nickel, 0.38% copper and 0.02% cobalt, plus 23.7 metres grading 0.47% nickel, 0.16% copper and 0.02% cobalt (including a 5.2-metre section of 1.15% nickel, 0.42% copper and 0.04% cobalt, plus 0.25 gram palladium and 0.11 gram platinum per tonne).
In the fall, Falconbridge will carry out geophysical surveys and soil geochemical sampling.