VANCOUVER, Jan. 14 /CNW Telbec/ - The Nashwaak River property ("the property") is the subject of an Option Agreement recently concluded between Geodex Minerals ('the company') and two private companies based in New Brunswick. The property is composed of three separate claim blocks (total of 100 claims) located 5 km to the west of the main Sisson Brook property where development work is now taking place.
To earn a 90% interest in the property, Geodex has agreed to make cash payments to the owners (each as to 50%) of $30,000 and issue 150,000 shares over a three year period. The optionors will retain a 2% NSR, half of that being subject to a buyback by the company at any time for $500,000 per 0.5%. Geodex has a minimum work commitment of $175,000 over that three year period.
The entire claim area is underlain by the Devonian Nashwaak granite, the Becaguimec Lake Gabbro and in the case of the northern block, various geological units ranging in age from Cambrian to Devonian. No previous exploration has been reported from the area of two of the claim groups. The southeastern claims were explored by Utah Mines Ltd. which located an area of soils anomalous in tin and tungsten. Till samples collected by the New Brunswick Department of Natural Resources (NBDNR) to the southeast and down-ice from all three properties contained extremely high values in tungsten. Ablation till samples in this area (NBDNR) also showed high values in tin, tungsten, uranium and tantalum. Geological Survey of Canada stream silt samples also show elevated tungsten and molybdenum values.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
Anyone know how Geodex closed in Frankfurt?
