Alberta-listed Savanna Resources has been granted an additional six prospecting permits in the Foxe fold belt of central Baffin Island. This brings its total number of permits to 10.
Noranda Exploration, a unit of Noranda (TSE), can back-in for a half interest upon Savanna’s expenditures reaching $1.5 million. To earn the interest, Noranda must fund the next $1.5 million required for exploration. The Foxe fold belt, which extends from the Melville Peninsula across Baffin Island to the west coast of Greenland, consists of complexly deformed and metamorphosed, Proterozoic-aged, sedimentary rocks.
Last year saw the discovery of several zones with anomalous gold and base metal values.
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