Hornby Exploration expands exploration portfolio

An agreement with an industrial company paves the way for Hornby Bay Exploration (YHB-V) to acquire 8,000 ha of base metal and gold properties across Canada.

In exchange for cash, shares and warrants, Hornby Bay can acquire the properties, plus a 5% net smelter return royalty in the 1,619-ha Similkameen copper property in British Columbia. A past-producer, Similkameen is owned by Leader Mining (LMN-V), which is attempting to restart operations.

The two largest acquisitions are the 4,000-ha Camsell base metal project in southern British Columbia and the 1,295-ha East Clavos gold project in northern Ontario. The latter adjoins the western boundary of the Clavos property, where Kinross Gold (K-T) is following up high-grade gold mineralization in shears and quartz veins along the Pipestone Fault. In 1996, two core holes drilled on East Clavos cut 4.8 grams gold per tonne over 1.5 metres and 5.8 grams over 4.3 metres. Hornby notes that the intervals are shallower, but along strike of the mineralization intersected by Kinross.