QUEBEC – Mag Copper of Toronto has signed a non-binding letter of intent with J.S. Redpath of North Bay, ON, and AR2K Industries of Sudbury, ON, to form a joint venture to mine an underground bulk sample from the Magusi copper-zinc property 35 km north of Rouyn-Noranda. Depending on the results of the sample, the joint venture could take the property through to production.
Mag Copper has an option on the Magusi-Fabie Bay properties that belong to Globex Mining Enterprises.
If after a 90-day due diligence period the JV is formed, the agreement names AR2K as project manager and Redpath as the operator. Mag Copper has agreed to provide the funds for the bulk sampling program.
The Magusi lens includes 1.31 million indicated tonnes averaging 1.99% Cu, 4.21% Zn, 42.8 g/t Ag, and 1.27 g/t Au. There is also an inferred resource of 355,000 tonnes at 3.41% Cu, 0.39% Zn, 24.2 g/t Ag and 0.26 g/t Au. This is a volcanogenic massive sulphide deposit open both laterally and at depth.
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