El Nino Ventures Inc. is pleased to provide an update on its Bathurst Joint Venture Project. The Joint Venture is a 50%:50% joint venture between ELN and Glencore Canada Corporation (GCC) in the prolific Bathurst Mining Camp of New Brunswick, Canada.
The Joint Venture seeks a 3rd party partner to explore and develop its properties and, in addition, properties in the Bathurst Camp owned 100% by GCC. In return for funding 100% of a major, multi-year exploration budget, the partner would earn-in to a 50% equity position in the Joint Venture and the GCC 100% owned land. Expressions of Interest will be evaluated from credible and well-funded companies with experienced management and exploration teams, and preferably with experience in the Bathurst camp or other VMS camps elsewhere. A Partnership would provide low-risk access to exploration upside in a highly prospective base metal VMS mining camp, in the safe and secure mining jurisdiction of New Brunswick.
Bathurst Joint Venture Project
The Joint Venture consists of 21 claims (1441 Claim Units) covering 29,830 hectares and owned 50%:50% by ELN and GCC in the prolific Bathurst Mining Camp. The GCC 100% owned land consists of 18 claims (631 claim units) covering approximately 13,560 hectares (Figure 1). The claims collectively overlie seven zinc-lead sulphide mineralized occurrences, all of which remain open to exploration. In addition, the joint venture recently received the results of a state-of-the-art airborne gravity survey by Fugro GeoServices Ltd. and a proprietary computer-aided (CARDS) targeting program conducted by DIAGNOS Inc. The majority of the 160 CARDS Targets remain to be explored. A multi-year indicative $8M exploration program is proposed for the exploring the mineralized occurrences for NI43-101 compliant resources and the CARDS Targets and other targets for new discoveries.
Source: http://www.elninoventures.com/