Typhoon Exploration Inc TYP:CA in joint venture with Aurizon Mines Ltd ARZ:CA announced assays from the Fayolle Project north-east of Rouyn-Noranda in Quebec. Results include 6 g/t gold over 4 metres, 8.7 g/t over 6 metres, 8.8 g/t over 11 metres and 17.6 g/t over 4 metres.
Aurizon can earn a 50% interest in the property subject to an underlying 2% net smelter royalty, by incurring expenditures of $10 million over four years and 2 million dollars in private placement. It can earn an additional 15% interest either by delivering a feasibility study or spending an additional $15 million on the project. The Fayolle Project has an inferred mineral resource of 113,000 ounces of gold at a cutoff grade of 0.5 g/t.
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Aurizon Mines Ltd
or Typhoon Exploration Inc
by Ted Niles