NQ Exploration (CVE:NQE) announced Thursday its partner for the Duncan Ouest project, Murray Brook Minerals, will begin preliminary field work under an option agreement where it can earn a 50% interest in the property.
Murray Brook has budgeted $50,000 for the preliminary field program, which will consist of mapping and sampling, and is intended to move the project to the next phase of work.
Under the terms of the agreement, which was signed in February 2011, Murray Brook must invest at least $1.4 million in exploration over three years, including $600,000 before the first anniversary of the agreement. It must also make $45,000 in cash payments, and issue 300,000 shares of its common stock to NQ.
Murray Brook may subsequently acquire an additional 30% interest in the property by spending another $1.4 million in exploration costs over two years, and issuing an additional 200,000 shares of its common stock.
The Duncan Ouest property consists of 139 map-designated claims, divided into two blocks, and covers an area totaling 71.17 square kilometres. It sits in the James Bay territory of Quebec, about 35 kilometres south of the town of Radisson.
On the TSX-Venture exchange, NQ's shares started the day up, but, as of 12:28 pm EDT, were trading flat at $0.08.
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