Friday, 14th September 2007 (1721 views)

A joint venture agreement has been entered into by gold exploration companies Lake Shore Gold and Aurizon Mines.

As part of the deal to explore the Casa Berardi project in Quebec, Lake Shore will be able to earn a 50 per cent interest in the property if they spend a total of $5 million (£2.5 million) in exploration of the area over five years.

Lake Shore will also be expected to make an expenditure commitment of $600,000 in the first year of exploration.

"We are delighted to work with Lake Shore's experienced exploration team, some of whom have had prior experience at Casa Berardi, in order to further unlock the exploration potential of our large surrounding property at Casa Berardi," commented David Hall, president of Aurizon.

Aurizon claims that the Casa Berardi fault is host to a number of gold deposits, with proven mineral reserves of 4.7 million tonnes at 7.7 grammes per tonne (g/t) of gold, measured and indicated resources of roughly 3.1 million tonnes at 5.3 g/t of gold and five million tonnes at 6.6 g/t of inferred gold.

Lake Shore's main areas of gold exploration are Vogel, Schumacher, Timmins West and Thunder Creek.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.