NEWFOUNDLAND Vancouver-based major TECK COMINCO and junior ALTIUS MINERALS of St. John’s, Nfld., are teaming up for a joint venture on the Michikamau nickel project in central Labrador. The five-year deal allows Teck Cominco to earn up to a 51% interest in the property if it spends $5 million. Altius will be the initial operator. After five years, Altius may either maintain an equity interest or opt for a royalty on nickel production.
The Michikamau project covers 443 km2 of land about 90 km north of Churchill Falls. Altius says the property is underlain by one of the largest anorthosite and olivine-bearing gabbro intrusive suites in eastern Canada. The eastern margin of the anorthosite-gabbro suite features multiple gossan zones and a sulphide-bearing breccia sequence of undefined extent. These breccias strongly resemble the "basal breccia sequence" in the Voisey’s Bay nickel district where they are known to display a close association with ore.
Altius holds a royalty interest in the Voisey’s Bay nickel/copper/cobalt deposit now being developed by INCO LTD. Visit www.AltiusMinerals.com for details.