Granges must spend $66,000 on exploration by June 30, 1990. In order to earn a 50% interest, Granges must spend an additional $209,000. The company may also earn another 20% by spending $11,000 for each 1% interest.
The 25-claim Little Bay property includes the former producing Little Bay copper mine which processed 2.8 million tons of copper-bearing material grading 1% copper. Byproduct gold production amounted to 7,000 oz.
Granges plans to examine several gold showings on the claims as part of an exploration program scheduled to begin by year-end.
]]>
Be the first to comment on "Granges in Newfoundland"