11:59:11 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Northcore Resources Inc
Symbol NCR
Shares Issued 98,778,221
Close 2013-08-06 C$ 0.005
Market Cap C$ 493,891
Recent Sedar Documents

Northcore, Melkior extend West-Timmins option to 2016

2013-08-08 11:33 ET - News Release

Also News Release (C-MKR) Melkior Resources Inc

Mr. Garry Majerle of Northcore reports

NORTHCORE AND MELKIOR ANNOUNCE CHANGES TO THEIR OPTION AGREEMENT FOR THE WEST-TIMMINS JV

Northcore Resources Inc. and Melkior Resources Inc. have amended the option agreement regarding the West-Timmins-Bristol property option agreement (see Big Red Diamond (now Northcore Resources) Jan. 18, 2010, press release).

The partners have agreed to extend the life of the option agreement to Oct. 31, 2016, by which Northcore can acquire a 50-per-cent interest on the property. To earn its 50-per-cent interest the corporation must invest the sum of $200,000 in exploration expenses before Oct. 31, 2016. The original agreement called for $400,000 of expenditures prior to January, 2014. Northcore must also invest sufficient yearly exploration expenses to allow Melkior to meet the minimum annual exploration expenses under the Ministry of Northern Development and Mines (MNDM) regulations for assessment work. The West-Timmins-Bristol property comprises 12 claim units covering a surface area of 192 hectares.

The property is located in the northwest part of Bristol township and is 25 kilometres northwest of the city of Timmins. Excellent access is provided by Malette Road off of Highway 101. From regional geological compilations and from a surface prospecting program done by Melkior in 2010, the property is mainly composed of a sequence of meta-volcanic rocks cut by faults. The interpreted geology is similar to that which hosts Kidd Creek mine.

The property is located approximately 7.5 kilometres north-northeast from an area being actively explored by Melkior on its Carscallen gold project. Melkior intersected 3.55 per cent copper over 1.35 metres and 3.72 grams per tonne (g/t) gold over 7.85 metres (see Melkior press release dated March 26, 2012). The option helps Northcore preserve its strategic presence in the West-Timmins mining camp. These claims are contiguous to some of Northcore's Carscallen claims.

During 2009 and 2010, Melkior and Northcore Resources (at the time Big Red Diamond) completed a work program on the Bristol property. The program consisted of a 11.9-line-kilometre ground magnetometer survey, a 19.5-line-kilometre airborne magnetic and electromagnetic (VTEM) survey and a surface prospecting sampling survey whereby 43 samples were collected. The VTEM survey outlined a strong conductor located in the southwestern portion of the property.

Sample     Description                       Au     Ag     Cu     Pb     Zn 
No.                                        (g/t)  (g/t)  (ppm)  (ppm)  (ppm)

20687      Boulder 1 m bu 1 m by 1 m 
           granite pyrite galena          1.525    2.5    244   2780    786 

20688      Boulder 1 m bu 1 m by 1 m 
           granite pyrite galena          0.688    0.3     77    365    171 

20689      Boulder 1 m bu 1 m by 1 m 
           granite pyrite galena          0.196    0.5     27    657     84 

Two thousand ten grab sample highlights. These samples are from separate 
boulders. Some of the other samples were anomalous for gold but were not 
significant.

Melkior will act as joint venture operator on the claims and the option agreement currently agreed to by the partners will remain in force.

The technical content of this press release was reviewed and approved by Jens Hansen, professional engineer and qualified person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Mr. Hansen is the president of Melkior Resources.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.