Houston Lake Mining Inc. in Val Caron, in the City of Greater Sudbury, and Agnico-Eagle Mines Ltd. have formed a partnership in an exploration project on Houston’s Tib Lake property in search of platinum groups, nickel, and copper minerals. The property is located about 15 kilometres northwest of North America Palladium's mine in northwestern Ontario.
Agnico owns Canada's largest gold mine, the LaRonde mine, in Val d'Or, Que.
To date, Houston Lake has uncovered four mineral showings and is in the preliminary stages of exploration to uncover new mineral deposits, before proceeding with a drilling project this fall.
The area has potential for open-pit mining because the 4,000-hectare site's shallow depth and extensive width, an official with the company says.
Under the joint-venture agreement signed in March, Agnico-Eagle can accumulate 50 per cent interest in the property by making a $650,000-cash payment and spending a further $3.6 million over four years. The company has already made a cash payment of $100,000.
