LA SARRE, Que. CAMBIOR has agreed to acquire 50% of CANCOR MINES’ interest in the Gemini-Turgeon project near the former Casa Berardi gold mines. Cancor holds 75% of the Gemini property and 51% of the Turgeon property.
The area covers 70-km2 over a felsic volcanic formation that extends more than 20 km. Cancor has drilled the property and identified a volcanogenic sulphide lens enriched in copper, zinc, gold and silver. The company says it is most interested in gold-bearing massive sulphide deposits similar to those that support the LaRonde and Bousquet mines.
The Cancor-Cambior agreement calls for Cambior to spend $2.5 million over the next six years and act as operator. When Cambior exercises its option, a joint venture (including a dilution clause) will be created. Detailed information on the Gemini-Turgeon properties is available at www.cancor.ca.