Quebec Crown mining exploration company Soquem is set to begin exploration on the copper properties of Corner Bay Minerals (TSE) near Chibougamau, Que., after signing two option agreements with the Toronto-based junior.
Under the first agreement, Soquem will have the right to earn a 30% interest in 16 central claims by spending $1.2 million on exploration during the next 18 months.
The claims host a preliminary reserve of 1.4 million tons averaging 4.38% copper in the Main Zone. Open at depth and down-plunge, the deposit is paralleled by an adjacent zone of copper mineralization to the west. Corner Bay says Soquem will likely complete definition drilling on the Main Zone as well as test other copper-gold occurrences on the property.
The second agreement covers more than 500 claims surrounding the Main Zone property. By spending $1 million during four years, Soquem may earn a 50% interest in the claims, where several zones of copper mineralization and a number of geophysical targets have been identified.
Corner Bay’s major shareholder is Westminer of Australia, whose Canadian subsidiary owns the Copper Rand mine and mill five miles southeast of Chibougamau.
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