Rainy Mountain Royalty....hamlin/deaty IOCG An interesting report dated December 10,2013...
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Management Interim discussion & analysis October 31, 2013
As of October 15, 2007, the Company and its joint venture partner, Mega, entered into an option agreement with
Xstrata Copper Canada ("Xstrata"), whereby Xstrata may earn a 51% interest in the Hamlin and Deaty Properties by
spending $3,000,000 over four years (completed as of October 1, 2011), with a further option to earn an additional
24% interest by incurring not less than $20,000,000 in feasibility study expenditures or completing a feasibility
study in the Deaty and Hamlin properties.
Currently, the Company, Mega and Xstrata are negotiating the terms of a
Joint venture agreement to facilitate the further exploration of the Hamlin and Deaty Properties.
Current status:
From 2010 to date, Xstrata, as operator for the Hamlin/Deaty property joint venture, has drilled and completed 20
core drill holes (for a total of 6,037 metres drilled).
The Company is currently waiting to receive a detailed updated summary of Xstrata’s exploration activities on the property.
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side-note:
the IOCG zone * [iron-oxide-gold-copper] is about 12 1/2 km in length....includes the Deaty,Hamlin,Clay,Freewest [now Cliff Natural Resources] properties (as portrayed in the Eastwest Resources 2008 annual report)
*Age dating has established that the mineralization is Timiskaming in age, 2690 my, and is therefore the same age as the IOCG deposits in Brazil.