Teck options Montgay prospect

A formal agreement to earn a 51% interest in the 38-claim Montgay property about 55 km northeast of Val d’Or, Que., has been signed by Teck (TSE) with Ressources William (ME).

Teck may earn its interest by making five payments totalling $200,000 and spending $1 million on exploration work within a 3-year period. If Teck exercises its option, William will retain a 24% interest in six claims and a 49% interest in 32 claims. Retaining a 25% interest in six claims will be Claude Resources (TSE). Billiton Resources Canada will retain a 1.5% net smelter royalty on all of the claims.

Teck plans a 4-hole program for the project.

William says previous drilling uncovered zinc and silver mineralization. Meanwhile, William recently signed a letter of intent with Soquem which would allow the latter to earn a 50% interest in the 51-claim Delestre property 30 km northeast of Senneterre, Que.