Everett Resources has commenced the preliminary 2011 diamond drilling program at its Menarik polymetallic property, situated in the James Bay area of Quebec.
The company will drill a minimum of 2,000 meters, to analyze multiple targets, since the property possess stratiform chromite prospects and magmatic immense sulphides in Menarik ultramafic infringement, nickel-copper concentrations in the changed zones, gold targets and mineralized felsic volcanic on the borders. ALS-Chemex in Val-d'Or, Quebec will test all the core samples.
Everett will offer 4.5 million common shares to Pro-Or to get a 50% interest in the Menarik property, for above two years and also $5-million in exploration and development work on the property in more than three years.
The company has employed DJM Drilling of Rouyn-Noranda, for the spring drilling program. Everett has a very organized and forceful exploration approach on the property; the drilling is ongoing and will have fine check on the system size.
Consultant group Roche from Quebec had prepared a 43-101 compliant measured and indicated resource estimate of chromite for joint venture partner Pro-Or in 2006 and Yvan Bussières has updated it in 2009, thus reporting a total of more than 6.2 million metric tons grading 7.69% Cr2O3 on average.
Source: http://www.everettresources.com/