Where Melba might have been with a better team. See below The Melba property is located a few kilometers to the south east of the property mentioned below. Due to the meddling of All Group, and the lack of concern by Luciani, O'Reilly and Taylor it appears that Melba will soon be lost to Nordex shareholders forever. We have seen absolutely no sign of life from Tellurium (the company which optioned the Melba) . Winter is prime exploration months in the north, because boggy places are frozen over and accessible. There are about 4 months left now until Nordex loses whatever opportunity it had to realize some decent value from those claims. They could have received half to three quarters of a million for these claims at one time, plus a 2% net smelter royalty when production was achieved.
B&D
ROUYN-NORANDA, CANADA--(Marketwired - Dec. 29, 2014) - Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce that it has signed an option agreement with Teck Resources Limited ("Teck") whereby Teck could earn up to a 70% interest in the Timmins Porcupine West gold property (the "Property"), located in the Timmins-Porcupine Mining Camp in Ontario.
First Option
Explor grants Teck the option to acquire an initial 55% interest in the Property (the "First Option") which Teck may exercise by incurring an aggregate of CDN$8,000,000 in committed and optional expenditures by May 1, 2019 (the "due date"). If Teck does not incur the listed expenditures by their due date, Teck may pay cash in lieu of the shortfall to maintain the First Option. Teck may terminate the First Option at any time prior to exercising the First Option, so long as Teck returns the Property within 30 days in good standing.
Second Option
Teck will have a further option (the "Second Option") to earn an additional 15% interest in the TPW Property (the "additional Interest") by sole funding an additional $4 million in expenditures prior to May 1, 2022, for an aggregate of $12 million on the Property prior to May 1, 2022. If Teck does not incur the listed expenditures by their due date, it may pay cash in lieu of the shortfall to maintain the Second Option. If Teck exercises the Second Option the Property shall be owned as to Teck 70% and Explor 30% interest.