NEW BRUNSWICK – Vancouver-based Geodex Minerals and Northcliff Exploration (a member of the Hunter Dickinson group) have formed a joint venture to advance work at Geodex’s Sisson Brook tungsten-molybdenum advanced exploration project in the west-central part of the province. Prior to the deal, Northcliff earned a 70% interest in the project, and will retain that interest in the joint venture.
Northcliff, as the operator, has agreed to fund a feasibility study and development expenditures up to $16 million. It will also seek financing for mine construction and startup.
Geodex acquired its first interest in the Sisson Brook property in 2004, and it boosted it to 100% in August 2010. The company has concentrated its efforts on probing Zone III and the Ellipse offshoot. At the end of 2009, measured and indicated resources in those deposits totalled 177.4 million tonnes grading 0.0984% WO3 and0.031% Mo. There was also an inferred resource of 69.0 million tonnes grading 0.033% WO3 and 0.153% Mo.
Additional information about the Sisson Brook project is available at www.GeodexMinerals.com.