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Deveron Resources Ltd. (TSXV:DVR) announced that it has entered into a letter agreement with Greencastle Resources Ltd. (TSXV:VGN).
Deveron Resources Ltd. (TSXV:DVR) announced that it has entered into a letter agreement with Greencastle Resources Ltd. (TSXV:VGN). Under the agreement the company will earn a 60-percent interest in Greencastle’s Ontario-based Rockstone zinc-graphite property by paying $150,000 and incurring $2 million in exploration expenditures over a three-year period.
As quoted in the press release:
Deveron can elect to earn 100% interest in the property by incurring all expenditures required to produce a bankable feasibility study, subject to Greencastle retaining a 3% net smelter return royalty. The transaction is subject to the approval of the TSX Venture Exchange and the parties entering into a definitive option agreement.
The Rockstone property covers a number of geophysical anomalies generated from an earlier, more extensive airborne electromagnetic (VTEM) survey covering an area of some 270 square kilometres. Rock outcrop on the property is sparse but the geology is interpreted to be typical Archean greenstone belt rocks comprising mafic to felsic metavolcanics with iron formation and clastic metasediments. Earlier geochemical exploration work in the general area, including till and humus sampling, outlined broad areas which are anomalous in zinc.
James Pirie, president and CEO of Deveron, commented:
Previous drilling has highlighted encouraging values of zinc and copper as well as high grade graphite. As a company focused on providing resource investors with the potential to make new discoveries, we look forward to following up on these significant targets.
Click here to read the full Deveron Resources Ltd. (TSXV:DVR) press release.
