Canadian junior resources firm MetalCORP will regain full control of the NorthRock/Cousineau property in Ontario after Kennecott Canada Exploration terminated its option agreement for the project.
Kennecott has been processing samples taken during its exploration programme at the GUP project, located in the NorthRock/Cousineau property, and concluded that the diamond potential was low, MetalCORP reports.
MetalCORP plans to release the programme's results as soon as they become available.
MetalCORP's president and CEO Donald Alexander Sheldon said the firm is pleased to regain full control of the project.
"Although Kennecott may be disappointed with the results of the diamond exploration on this property, MetalCORP is very pleased to regain its 100% interest in the project to pursue its copper, nickel and platinum/palladium exploration programmes," Sheldon said.
The NorthRock/Cousineau property site comprises 6,000ha situated near Fort Frances, Ontario, Canada.