Diversified mining group Rio Tinto has been granted an option to acquire a majority interest in the Janice Lake copper project, in Canada’s Saskatchewan.
Rio Tinto Exploration Canada (RTEC) has to commit to spending $3-million on exploration at the Janice Lake project over the next year-and-a-half, followed by $10-million in exploration over a four-year period, TSX-V-listed Forum Energy Metals Corp reported last week.
The major has a second option to earn a further 29% interest by spending another $20-million in exploration over a three-year period.
Forum said that RTEC was planning a high-resolution airborne magnetometer survey over the entire extent of the property and about 7 000 m of drilling in 25 to 30 holes in 2019 to meet its first year exploration commitment.
In September last year, Forum completed a successful first pass drill programme. All four drill holes intersected shallow chalcocite, bornite and native copper mineralisation above 80 m in depth, including Hole FEM-01, which intersected 18.5 m (59.0 m to 77.5 m downhole depth) grading 0.94% copper and 6.7 g/t gold including 5.2 m grading 2.22% copper and 16.5 g/t gold.