After being on standby for more than 10 years, Great Lakes Nickel’s Pardee Twp. properties will once again see some action.
Vancouver-based Fleck Resources, known for its platinum group metals bet near Marathon, Ont., has been granted an option by Great Lakes to earn an interest in the Pardee properties located southwest of Thunder Bay.
The option, which is subject to settling formal agreements, will commit Fleck to spend at least $350,000 within six months, with the right to extend the option for successive periods until it has spent a total of $3 million, at which time it will earn a 55% interest in the properties.
Fleck will then have an option to purchase an additional 20% interest for a cash payment of $3 million to Great Lakes and the properties are committed to production.
The Pardee properties contain proven reserves of 45.6 million tons at an estimated grade of 0.334% copper, 0.183% nickel plus a minor precious metal content.
Platinum group metals have been identified on the properties and have been recovered in concentrate from pilot plant tests. Fleck’s initial work will determine whether an additional drilling program will be conducted on the properties.