Base metal miner Cominco (TSE) has optioned the Swan and Rap lead-zinc properties in the Omineca region of northeastern British Columbia from Stratabound Minerals (ASE).
Cominco can earn an initial 51% interest by incurring exploration expenditures of $1.2 million and making cash payments to Stratabound totaling $190,000, payable in five stages, beginning now and ending Jan. 15, 1998. Cominco, which will be project operator, can earn another 9% interest by spending an additional $1 million on exploration and paying Stratabound $400,000 within one year of vesting at 51%.
The properties cover a 15-km-long trend of multiple, high-contrast lead and zinc soil anomalies and lead-zinc-barite showings.
Meanwhile, Teck (TSE) plans to begin drilling soon on Stratabound’s CNE lead-zinc-silver property near Bathurst, N.B. The initial program will consist of four to five holes for a total of 1,500 to 2,000 metres.
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