Probe Mines and Noront Resources have signed a joint venture agreement in the exploration hotbed of McFauld's Lake.
The deal focuses on 87 claim units located in the 'Ring of Fire' area near the Eagle One nickel-copper discovery. Probe will act as the operator for the first two years of the agreement after which operatorship will alternate every two years for as long as the partnership is maintained.
"We are looking forward to working with Noront to advance these properties and bring added value to our shareholders," said Probe president David Palmer in a May 20 statement. "The potential for world-class deposits of nickel-copper and chromite have reaffirmed our belief that this area is one of Canada's most important exploration plays and has the potential to become Canada's newest mining camp."
Technical committees from both companies are huddling to approve an exploration program for the upcoming field season.
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