Noranda (NOR-T) is optioning the Canagau gold property of Mountain Lake Resources (MOA-V).
Situated in Ben Nevis Twp. in northwestern Ontario, the property comprises 143 mining and 13 patented claims totalling 2,353 ha.
To earn a 51% interest in the prospect, Noranda must spend $1.2 million on exploration and pay $100,000 to Mountain Lake over a 4-year period.
It can earn a further 19% by spending an additional $600,000 on exploration and paying $300,000 over five years.
Mineralization is consistent with both volcanogenic massive sulphide and epithermal gold and silver deposits.
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