Following a joint venture agreement between Kennecott and NovaGold Resources, Costigan Gold, which closed unchanged at 35 cents, has agreed to revise its partnership with NovaGold. Costigan will exchange its right to earn a 40% interest in the Sewell Brook property in New Brunswick for a 5% interest in both Sewell Brook and Sears Lake.
By spending $3 million on exploration, Kennecott can earn a 50% interest in the two base metal properties.
Drilling on the Bear Lake property near Flin Flon, Man., returned low-grade copper and zinc mineralization in all six shallow holes. The best intersection returned 3.7% zinc over 1.2 ft. CopperQuest, considering several deep holes for the property, was 15 cents bid, 18 cents ask for the week.
Brightwest Resources surged to 95 cents, a gain of 20 cents over last week’s close. The company says it is unaware of any recent developments which might affect the stock price, but expects to begin drilling its gas wells in southwestern Ontario shortly.
Willingdon Resources continued to trade heavily, closing unchanged at $1.90 on a volume of 302,500. The company will resume drilling on the Sioux Narrows gold property near Kenora, Ont.
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