Nass Valley Gateway signs agreement to acquire three gold prospects, Kirkland Lake Mining Camp, Ontario, Canadaadmin
NASS VALLEY GATEWAY LTD., announce the signing of an Acquisition Agreement with Golden Dawn Minerals Inc. (GOM), which gives the Company an option to acquire an 80% Joint Venture interest in three gold prospects within the Larder Lake Mining Division of the Province of Ontario, Canada.
The three properties, Central Catharine, Link-Catharine, and the 80-Foot-Fall property are located within the Boston-Skead gold belt of northeastern Ontario. This crescent-shaped gold belt is 25 km south of the still productive Kirkland Lake gold belt that has yielded 24 million ounces of gold in the past century of mining. Gold mineralization in this belt occurs with quartz, quartz-sulphide veins and veinlets in Archean volcanic rocks that have been intruded by granitic batholiths.
For the Link-Catharine area lying centrally between the other two properties, the most recent exploration work within the package of properties was conducted in 2008 and 2009. Highlights include 3.55g/t gold over 3 m and 3.26 g/t gold over 1.2 m in hole DDH CAT 08-22, and 1.01g/t gold over 10 m and 2.65 g/t gold over 3.4 m in DDH CAT 08-04, and 17.5g/t gold over 1 m in DDH CAT 09-02. Together with values of 6.00g/t over 8.6 m and 1.91g/t gold over 20.4 m from hole 99-4, and encouraging gold values from numerous other holes within a broad target area, the results suggest an extensive zone of gold mineralization that warrants concerted continued evaluation for gold deposits.
On both the Central Catharine zone, the northernmost holding within the group, and on the 80-Foot-Fall property, the southernmost holding, drill programs intersected several quartz-pyrite vein systems. Additional work is needed to evaluate both the vein systems and geophysical anomalies on these two targets.
Pursuant to the Acquisition Agreement (the “Agreement”), GOM assigned 100% of its option to acquire the three gold properties from its original vendors, to NVG and both parties will enter into a 20%/80% Joint Venture with NVG as majority interest holder and future operator. Under the terms of the Agreement NVG is required to spend $1,000,000 in exploration expenditures, make $120,000 in property payments and issue 600,000 common shares over three years, of which 450,000 shares will be issued to GOM and 150,000 shares will be issued to the original vendors of the property, in order to earn an 80% ownership of these properties.
Mr. Mel Stevens, President and Mr. Dieter Peter, Chairman and CEO of NVG stated, “Nass Valley Gateway will focus immediately on the exploration of these gold properties under its mandate to pursue the exploration of precious metals, in addition to the development of its exportable aggregate products.”
Dr. Stewart A Jackson, P. Geol., a “Qualified Person” as such term is defined by National Instrument 43-101, has reviewed and approved the technical information in this news release on behalf of Nass Valley Gateway Ltd.