A recent option agreement with Doromin Resources (VSE) gives Inco (TSE) the right to explore a number of polymetallic properties held by Doromin on the Queen Charlotte Islands of western British Columbia.
The agreement grants Inco a 4-year option to incur staged exploration expenditures totalling $1.5 million, and to make staged cash payments totalling $250,000.
Once the option is exercised, a joint venture will be formed where Inco will hold a 67% interest, and Doromin a 33% interest. Exploration expenditures would then be shared on a pro rata basis.
The land package includes 274 units, one of which is the Cimador property where previous drilling returned encouraging base/precious metal results. The results from two holes are 12 ft. grading 10.94% zinc, 3.17% lead, 0.44% copper, 3.03 oz. silver and 0.006 oz. gold per ton, and 10 ft. of 9.55% zinc, 3.9% lead, 0.63% copper, 3.90 oz. silver and 0.024 oz. gold. Doromin views the properties as being geologically similar to the producing polymetallic mine owned by Westmin Resources on Vancouver Island.
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