This article is regarding Pacific Ridge, the company that holds ownership of Fyre Lake at this stage (although I read somewhere that Minquest now has 50% ownership as $100,000 was paid up last month?) Either way, as long as more drilling is done on Fyre Lake via MNQ's own expediture ($3 million+), we can earn up to 80% of Fyre Lake.
See below - extensive drilling campaign imminent 2015/2016
The Company's 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon's Finlayson Lake District is under option to MinQuest Limited ("MinQuest"), a publicly listed Australian company. A NI 43-101 compliant mineral resource estimate of the Kona Deposit reported in 2006 includes an indicated mineral resource of 3.571 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 grams gold per tonne at a 1% copper cut-off grade. In addition, an inferred mineral resource, at the same cut-off grade, includes 5.361 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 grams gold per tonne. These estimates were prepared by D. Blanchflower, P.Geo., of Minorex Consulting Ltd., who is the qualified person for this purpose. MinQuest is now preparing for a 2015 through 2016 exploration program at Fyre Lake that is planned to include geological mapping, soil sampling and infill and extensional drilling with the objective of increasing the size of the Kona resource. MinQuest also plans to test priority drill targets within the Fyre Lake Property that hold potential for discovery of additional copper-gold massive sulphide mineralization.
MNQ Price at posting:
2.0¢ Sentiment: None Disclosure: Held
