Mining News: Aussie junior options Estelle
Quantum Resources Ltd. Nov. 20 announced that it has entered into an option five Alaska projects prospective for gold, silver, zinc, nickel, copper, cobalt and rare earth elements. The primary property optioned by the Australia-based junior is Estelle, a district-scale gold-copper-silver project about 100 miles northwest of Anchorage. The other four properties, collectively known as the Farewell group are located northwest of Estelle and include: Chip-Loy-Roberts, a nickel-copper-cobalt-gold-silver-platinum group element project; Bowser Creek; Windy Fork, a rare earths property; and Ozzna Creek, a gold-silver-zinc-copper-lead property. Under the option agreement with another Australian company, Quantum can earn up to a 70 percent JV interest in these properties by investing AU$3.3 million over a four-year span, including AU$300,000 on due diligence work over the first year. The company said it has already begun the appraisal activities by compiling and investigating the substantial historical data on these properties. “This is a fantastic opportunity and substantial milestone for Quantum. It represents a rare opportunity for the company to capitalize on high quality exploration assets with excellent exposure to the surging commodity and battery minerals markets,” said Avi Kimelman, a managing director of Quantum. “The company has established a highly skilled and experienced Alaskan team to advance its exploration and development strategy for the projects, with one of the proposed director appointments ‘subject to successful due diligence’ to be Alaska- and North America-based to look over every aspect of the company’s project exploration and development plans.” Quantum Resources also has a lithium project in Manitoba.