A minimum of $340,000 will be spent this year by Minnova (TSE) to explore the LeMare property on Vancouver Island, 20 miles west of the BHP-Utah Island Copper mine.
The property is owned 100% by Stow Resources (VSE), which recently entered into an agreement-in-principal allowing Minnova to earn a 60% interest by spending $1.5 million by March, 1995.
Stow said the LeMare property contains mineralization, alteration and geochemical signatures indicative of porphyry copper-gold-molybdenum deposits similar to the Island Copper mine.
Stow is a junior managed by the team of Lawrence Nagy and Ronald Netolitzky. Another junior in the group, Hyder Gold (VSE), recently announced plans to explore several gold and base metal targets in Quebec.
Hyder can earn a 50% interest in Albert Audet’s Val d’Or, Que., property, a 2,350-acre base metal prospect with gold potential tied on to the property of Aur Resources and Societe Miniere Louvem, about 12 miles northeast of Val d’Or.
The junior can also earn 60% of a property in Joutel Twp., several miles northwest of the Agnico-Eagle gold mine.
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