Geodex Minerals has cleared the final hurdle in its acquisition of a 53% controlling interest in Champlain Resources, having received final TSX Venture Exchange approval for the transaction.
Geodex paid just over C$4.164 cash and 550,000 common shares for its stake in Champlain. Champlain’s principal asset is a 30% carried interest in Geodex’s Sisson Brook tungsten-molybdenum property in Nova Scotia.
In mid-December, Geodex stood down the three drills which had been active since April on both of its two main projects in New Brunswick. Drilling will continue in January in several areas to finish up programs. Drilling with three machines will resume in April 2008 to continue operations at Sisson Brook and in the Mount Pleasant camp.
The Sisson Brook tungsten-molybdenum deposit remains the company’s flagship project and it saw an aggressive program of drilling and engineering in 2007, which culminated in a positive scoping study by Wardrop Engineering in November.
A total of 20,400 m were drilled in 2007 – mostly infill drilling in Zone III, to take the open-pit resource to Measured and Indicated status – but also in successful testing of extensions and satellite zones.
One new discovery hole on the east flank of Zone III returned 0.305% Mo and 0.080% WO3 over an interval of 85.5 m, one of the best intersections reported in Canada in 2007. Many new targets have been staked or acquired in the belt for exploration and drilling in 2008.
In the Mount Pleasant area, survey work was carried out throughout the year to prepare many of the Geodex targets around the former mine for drill testing. By year-end, over 7,000 m of drilling had taken place on seven of these mineralised areas, about half of this on the Pughole-Whopper discovery west of the old mine.
Work will continue throughout this belt in 2008 to further develop many of those targets.