An option agreement with Fortune Minerals (CDN) will allow a private company to earn a 20% interest in the NICO group of claims in the Mazenod Lake area of the Northwest Territories.
To do so, the private company must pay $100,000 cash and spend $1 million on exploration during a 3-year period.
The property, which is 90 miles northwest of Yellowknife, will be operated by Fortune.
The NICO claims host cobalt-bismuth-copper-gold mineralization with magnetite; uranium is present in at least eight surface showings. Fortune says the showings are spatially associated with a large, positive gravity anomaly and with coincident, strong, airborne potassium, magnetic and uranium anomalies.
In addition, Fortune has staked three blocks of claims totalling 2,634 acres, situated 9 miles north of the NICO property, as well as claims adjoining the JBG property 2 miles northeast of the NICO ground; GMD Resource (VSE) is earning a 60% interest in the JBG claims.
Fortune is undertaking air and surface exploration work on its claims (totalling more than 30,000 acres) in the Mazenod Lake area, in collaboration with work on the 7,282-acre Treasure Island group of claims, in which GMD is earning a 100% interest.