Everett Resources has commenced the phase II diamond drill campaign at the Menarik polymetallic property, Quebec.
Everett Resources has commenced the phase II diamond drill campaign at the Menarik polymetallic property, Quebec.
The company will drill at least 2,500 m to assess the several targets, because the property has immense magmatic sulphides and stratiform chromite horizons in the Menarik ultramafic infringement, felsic volcanic mineralization and gold targets at the boundaries and concentrations of the copper-nickel in the altered zones. Everett will prepare and send all the core samples to AGAT Laboratories, Ontario for testing.
The company can get 50% interest in the property that is under Pro-Or. It will give 4.5 M ordinary shares to Pro-Or for more than two years and will gain $5 million in the property’s exploration and development over three years.
Everett’s President has stated that the company has commenced the Menarik drilling campaign and Magma Drilling is performing the phase II drilling. It has drilled more than 300 m and will explore the property in a regular and aggressive way. The freshly discovered mineralized targets have remarkable exploration potential.
Quebec-based Roche, a consultant group, has prepared a 43-101 compliant indicated and measured resource calculation for chromite for the JV partner, Pro-Or during 2006 and the estimate has been revised by Yvan Bussières during 2009, reporting a total beyond 6.2 Mt grading 7.69% Cr2O3 on average.