Everett Resources Ltd. (TSXV:EAR) reported the beginning of the second phase diamond drilling program at the Menarik polymetallic property in the James Bay area of the province of Quebec.
As quoted in the press release:
Everett can earn a 50-per-cent interest in the Menarik property held by Pro-Or Inc. (Ressources Minieres) by issuing 4.5 million common shares to Pro-Or Inc. over two years and incurring $5-million in exploration and development work on the property over a period of three years.
Everett Resources’ President, Mike Waggett stated:
“We are extremely pleased to have started the drill program at Menarik, and we’re very fortunate to have Magma Drilling Inc., of Rouyn-Noranda, for the second phase of our drilling program. We have drilled over 300 meters so far and is going well. Everett will be very systematic and aggressive in their approach to exploration on the property, and with its newly identified mineralized targets from the Company’s spring VTEM program, holds tremendous potential for exploration success,”