Serem-Quebec and VSM Exploration (ME) have jointly optioned a group of 40 claims adjacent to their Grevet base metal project near Quevillon, Que., from Noranda (TSE) and BP Canada (TSE). The claims enclose the Grevet B zinc deposit owned by Serem and VSM. The latter companies may acquire a 50% interest in the BP- Noranda claims by spending $600,000 on the property over three years. The Grevet B deposit contains probable reserves of 477,000 tonnes grading 9.67% zinc, 0.58% copper and 24 grams silver per tonne.
Under the deal, $150,000 must be spent in the first year, $200,000 in the second year and the balance during the third year. After VSM and Serem have earned their half interest, BP and Noranda will form a joint venture with the companies if warranted.
The claims are situated south of the Grevet III and IV deposits where preliminary reserves stand at 10.2 million tonnes grading 8.27% zinc, 0.44% copper and 34.89 grams silver. Drilling is still under way on the new 97-zone which was discovered in the spring of this year.
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