On Tuesday, Janus Resources, Inc. announced the purchase of the Fostung tungsten property from EMC Metals Corp. (EMC). The sale price was $500,000 cash for 100 percent of the property rights. The Fostung tungsten property is located in Foster Township, Sudbury, Ontario, Canada.
EMC Metals Corp. holds the Nyngan Scandium property in a Joint Venture with Jervois Mining Limited of Melbourne, Australia. EMC also holds the Springer Tungsten property in Nevada, USA, and the Carlin Vanadium property, near Carlin, Nevada.
In 1966, local prospectors originally discovered and staked the Fostung tungsten property. Union Carbide Corporation (UCC) optioned the claims in 1978. They proceeded to pursue a large tonnage, lower grade skarn deposit with an exploration program that represents most of the money and work expended throughout the property’s history.
Breakwater Resources Ltd. of Toronto, Ontario optioned the property from UCC in 1988. They subsequently sold the property to EMC Metals Corp. (Golden Predator Corp.) in 2007.
In November of 2007, SRK Consulting, of Lakewood, Colorado, prepared an independent National Instrument 43-101 technical report and resource estimate on the property. That initial resource report presented an inferred resource estimate of 12.4 million tonnes, grading 0.213 percent WO3, with a cut-off grade of 0.125 percent. SRK based this estimate on data from 43 diamond core drill holes and an aggregate of 9,185 meters of drill results.
The property was subject to a production bonus payable to Breakwater Resources Ltd., which was renegotiated from a common share payment to a straight cash payment of $500,000, and which has been assumed by Janus. Janus has also assumed a 1 percent Net Smelter Return royalty on the property, also payable to Breakwater.
Headquartered in New York, New York, Janus Resources, Inc. is a mineral exploration and development company. They focus on the acquisition and development of advanced mineral properties.