NORTHWESTERN QUEBEC The Rouyn-Noranda area was long a productive base and precious metals region. With luck, it may be again. NORANDA has signed a non-binding letter of intent with Toronto-based ALEXIS MINERALS to explore old mines in the area. Alexis can earn a 50% interest by spending $16.5 million over three years. After that the companies will form a 50/50 joint venture to pursue further exploration and development.
Historical production from the Rouyn-Noranda camp is 2.4 million tonnes of copper, 1.9 million tonnes of zinc and 19.5 million oz of gold from over 20 deposits including past-producers Horne, Quemont, Amulet, Gallen, Ansil, Newbec, East Waite and Old Waite. Maps of the property and regional geology are posted at www.AlexisMinerals.com.
Exploration work will focus on the use of advanced technology including deep-penetrating geophysics. Work is expected to begin immediately upon signing a binding letter of agreement, with a $5.5-million budget in the first year. The objective is to discover new ore deposits near Noranda’s existing metallurgical infrastructure.
Noranda will be the operator during the earn-in period and initial operator of the joint venture. Exploration will be conducted using a ‘partnership approach towards mine discovery’ with Alexis participating in programs through a technical steering committee and by providing technical personnel, input and expertise to the programs.