East West Commences Drilling on Fishhook Joint Venture-Norton – McFaulds Lake Areaadmin
Thursday, August 21st 2008
East West Resource Corporation announce that it has commenced a 12 hole, 2000 metre core drilling program on its Fishhook Joint Venture with Temex Resources Corp.. The company also wishes to announce that Noront Resources Ltd. has become a partner in this joint venture and all three parties have signed an agreement. Noront can earn a 10% interest by paying $100,000 upon execution of this agreement and by spending $500,000 in exploration in the first year. Noront can earn up to a 60% interest by making payments totalling $600,000 and spending $4.5 million over 3 years.
The Fishhook property covers the western portion of the Fishtrap Lake mafic intrusion that is a potential host to nickel-copper-PGE mineralization. In addition to the property having magmatic nickel-copper PGE targets, a VTEM survey flown earlier this year has identified potential volcanogenic copper-zinc targets.
East West is pleased to be partnering with Noront and advancing another property within its Norton-McFaulds project area.