Monday, 25th September 2006 (2270 views)

Terrane Metals has announced that it has signed an agreement with HRS Resources meaning that it will acquire a 100 per cent option on a gold-copper property in Canada.

The Wildcat property can be found in central British Columbia and is right next to the Mt Milligan gold-copper site currently owned by Terrane. It is only 12 kilometres south-west of the main Mt Milligan deposits.

Over a three year period, Wildcat will have to pay $270,000 in work costs, as well as contributing $500,000 in option payments and 200,000 common shares to HRS.

HRS will retain a royalty of two per cent on production, although Terrance can reduce this rate to one per cent by paying HRS $2 million at any point.

Takla group volcanic and intrusive rocks are believed to hold gold-copper mineralisation at the Quesnel Trough, the area in which the site is situated. Diamond drilling work will take place there shortly as Terrane looks to further explore several magnetic anomalies uncovered by aerial surveying.

 

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