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Sunburst seeks new joint partner for exploration of Tribag property.

Sunburst seeks new joint partner for exploration of Tribag property

Sunburst Exploration Ltd. of Toronto is looking for a new partner to explore the Tribag copper property about 60 miles north of Sault Ste. Marie.

A new partner is needed after Noranda Inc. decided not to proceed with the second stage of a $2-million exploration program on the property.

Earlier this year Noranda finished reviewing technical and geological data on Tribag.

Sunburst will use Noranda's report to attempt to attract another joint-venture partner.

Sunburst president Tor Jensen said the data collected by Noranda will be provided free of charge to Sunburst.

Jensen said that Noranda worked for about nine months collecting data on the property and probably spent between $30,000 and $40,000. The data included results from geochemical, geophysical and diamond drilling work on the property.

Jensen explained that decisions on properties are made on interpretations of data.

"Perhaps we can get a new interpretation from the data that someone hadn't come up with."

Jensen said he was not really disappointed with the Noranda decision, taking a philosophical approach to the "high-risk" exploration business.

A property cannot be advanced without money and expertise, he added.

While Jensen said Tribag is the type of property which raises interest, he admitted, "We're a long way from negotiating a deal."

"People in the exploration business don't dismiss something like this (Tribag) out of hand," he added.

Jensen said major companies have the money and the technical expertise to carry on an exploration program in association with a junior firm.

However, he said, if a passive investor should become interested in the Tribag property, Sunburst is capable of establishing a technical team to carry out the work.

Noranda had an option for a 60-per-cent stake in the 125-claim property if it spent $2 million on exploration over five years and made cash payments totalling $200,000.

However, on June 30 it elected to drop out of the arrangement when the first phase was completed.

The Tribag Mine produced 500 tons a day of three-per-cent copper in a 10-year span from the mid-1960s to the mid-1970s.

Jensen said, if the mine is reopened, it will likely be a high-tonnage, low-grade operation.

"Generally speaking, that's an industry trend," he said.

Since the property has already been worked, he said the chances of beginning a high-grade, low-tonnage operation are not good.
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Copyright 1990, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Mining Report; Sunburst Exploration Ltd.
Publication:Northern Ontario Business
Date:Oct 1, 1990
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