Excalibur Receives Acceptance of Additional Sturgeon Lake Stakingadmin
Excalibur Resources Ltd. is pleased to announce it has received acceptance of all staked mining claims. Since the beginning of the 2010 exploration season, Excalibur staked 13 new mining claims with a combined area of approximately 2064 hectares, or 20.64 km2, to the north and to the east of the existing property. In total, Excalibur now has 107 km2 of mining claims in the Sturgeon Lake area of northwestern Ontario. The claims to the north contain an iron formation that will be tested for its gold and copper potential, while the claims to the east showed a magnetic high, on VTEM and HEM/Magnetic surveys, that may be a continuation of this formation.
The Company has determined from historical data that surveys undertaken on the property confirm that identified geophysical conductors are sulphide rich, including the presence of massive sulphide lenses. The Sturgeon Lake property contains numerous extensive zones of multiple sub-parallel and stacked sulphide-bearing conductors that cumulatively exceed 100 km of strike length. In addition, the identified geophysical conductors are located along strike of six mined VMS (Volcanogenic Massive Sulphide) deposits in this mineral belt. The most notable former mines in the area included operations containing high-grade zinc-copper-silver with associated lead and gold. The well-known Mattabi, Lyon Lake and Sturgeon Lake mines operated in proximity and along strike of the Company’s current property location. By adding these new claims, the Company has increased the chances of finding significant gold, copper, and iron at Sturgeon Lake.
In addition to the accepted mining claims, Excalibur has received its Category 9 Aggregate Permit, which authorizes the removal of aggregate from a pit on its property. This will facilitate future drilling by allowing the Company to build roads more cost effectively and efficiently rather than by purchasing aggregate from a supplier.
Excalibur’s Chairman, Mr. Gallagher, commented that “Although there is much work to be done on such a large property, 2010 was a productive year at the Sturgeon Lake property where we advanced:
1. our understanding of the property through the extensive systematic geological work performed, 2. the potential of the property by selectively acquiring additional adjacent claims, 3. the administrative status of the property with the receipt of permits
from the Ministry.