Yamana opts out of Ontario exploration earn-in
Gold miner Yamana Gold has opted out of the TPK gold/silver/copper property, in north-western Ontario, junior explorer Northern Superior Resources reported on Tuesday.
In November last year, Yamana entered into an option to earn a 70% ownership interest in the TPK property.
“As much as we would have liked Yamana to continue its earn-in, their decision to opt out provides an opportunity for others to participate in this unique, camp scale, regional mineral exploration play in a stable exploration and mining friendly jurisdiction. This at a time when such opportunities are essentially non-existent,” Northern Superior president and CEO TF Morris said on Tuesday.
Yamana invested C$2-million in the TPK property during 2019, which helped to clearly define eight gold-bearing shear systems, capable of hosting economic deposits, in the Big Dam area.
“This is a significant advancement of our understanding of gold emplacement mechanisms within this area of the property. Northern Superior has already prioritised the potential of each of these systems, establishing the next phase of exploration with associated budget.”
Northern Superior said that the mineralised system on the Big Dam part of the TPK property represented one of only two regional scale systems contained within the boundaries of the property, the Annex area.
Yamana did not complete exploration on the Annex portion and this remained an opportunity for further exploration, the junior noted.
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