Westminster Resources has signed a letter of intent to acquire an attractive land package in the La Ronge district of Saskatchewan.
The project package consists of 10,858 hectares within a group of claims historically focused on nickel-PGE, orogenic gold and VMS deposit types.
Glen Indra, Westminster’s President and CEO, commented: “We continue to think this is a good time to acquire interesting projects in the copper space. The La Ronge district has long been prospective for numerous metals, and its copper potential is now only being studied. I’m particularly excited that there is an extensive dataset to be re-complied and re-interpreted to advance the project quickly and cost-effectively.”
The 10,858 ha land package consists of 2 contiguous claims within the La Ronge and Rottenstone Domains, and are located approximately 60 kilometres north east of the town of La Ronge, Saskatchewan, with nearby road access from Highway 102. The property has numerous mineral occurrences which include copper, but also nickel, gold, lead, zinc and uranium. In addition, there are several known historical geophysical conductors identified on the southern part of the package which are of interest.
Regionally, the La Ronge Domain is comprised dominantly of the 150 km long by 10 to 20 km wide Central Metavolcanic Belt, bordered by the Crew Lake Belt of metasedimentary assemblages to the northwest and the MacLean Lake Belt of meta-arkosic rocks to the southwest.
Terms of the acquisition include making exploration expenditures totalling $400,000 over 3 years and issuing 4 million shares in two equal tranches to earn an 80% interest in the property, subject to TSX-V approval. Westminster will be receiving additional historical data for compilation and re-interpretation within the 30-day due diligence period
Source: Company Press Release