NUNAVUT - Vancouver's Sabina Gold and Silver and the Nunavut Resources Corporation (NRC) have signed a memorandum of understanding pursuant to which they agree to co-operate and work together to investigate infrastructure development opportunities in the Kitikmeot region.
The Sabina board of directors has approved a contribution of up to $2 million to provide seed funding to develop a work plan to be established under the MOU as the basis for investigating proposed joint infrastructure projects.
NRC is a newly created Inuit-owned organization designed to provide Inuit with opportunities to participate in the ownership and management of infrastructure and natural resources in Nunavut through direct equity investment and joint venture partnerships with industry.
Sabina's flagship property is the Hackett River volcanogenic massive sulphide (VMS) deposit, that the company says is analogous to the Kidd Creek deposits at Timmins, ON, and the Noranda deposits near Rouyn-Noranda, QC. The 2009 preliminary economic assessment put indicated resources at 43.6 million tonnes grading 4.15% Zn, 128.75 g/t Ag, 0.35% Cu, 0.58% Pb and 0.29 g/t Au. The same study outlined inferred resources of 16.0 million tonnes grading 3.53% Zn, 110.6 g/t Ag, 0.24% Cu, 0.46% Pb and 0.25 g/t Au.
Visit Sabina's website at www.SabinaGoldSilver.com.
Comments