Jubilee Gold Inc. Amends Royalty With Gold Canyon Resources Inc. and Provides Update on Corporate Developments
07 Giugno 2010 - 7:43PM
Marketwired Canada
Jubilee Gold Inc. (TSX VENTURE:JUB) announces that it has agreed to revise its
royalty agreement with Gold Canyon Resources Inc. whereby certain Springpole
claims in the Red Lake mining District will now be subject to a 3% NSR. Jubilee
will receive $50,000 US upon signing the revised agreement and 100,000 shares in
the capital of Gold Canyon in 2010 and a further 100,000 shares each year for
the next 5 years. In addition Gold Canyon will make advance royalty payments to
Jubilee in the amount of $70,000 per year.
About Jubilee Gold Inc.
Jubilee came into existence on January 1, 2010 being an amalgamation of five
companies: Union Gold Inc., Sheldon-Larder Mines, Limited, Golden Harker
Explorations Limited, Wood-Croesus Gold Mines, Limited and Milestone Exploration
Limited.
Mineral Interests of Jubilee Gold Inc.
Jubilee holds 15 mineral exploration properties and royalty interests in 5 more.
Most contain known mineral occurrences (usually gold) and are located in mining
friendly jurisdictions in Ontario, Quebec and New Brunswick. Scott Wilson RPA of
Toronto recently completed independent technical evaluations of Jubilee's Harker
and Munro projects.
The Golden Harker project (621 hectares) is an advanced stage exploration
project located 50 km northeast of Kirkland Lake in the Larder Lake Mining
district of N.E. Ontario. Pre-1990 exploration includes 20,560 m of diamond
drilling, a 312 m shaft, ramp access, and underground development on five
levels. In 1988 a resource was calculated at 241,436 tons grading 0.178 oz/ton
gold over a mining width of 8.1 feet. This resource estimate is currently
considered historical in nature and not compliant with 43-101 requirements.
Early work was focused along a 1400-metre section of an easterly-trending fault
system. From 2005 to 2008, Golden Harker Explorations Limited, the predecessor
to Jubilee, completed an additional 5,000 metres of surface drilling in 29
holes, and confirmed that the Harker mineralized horizon has a strike length of
over 3 kilometres. In their technical evaluation, Scott Wilson RPA concluded
that the Golden Harker property hosts a significant gold target and warrants an
extensive exploration program.
The Munro property (600 hectares) is located 30 kilometres west of the Golden
Harker project. The Destor-Porcupine Deformation Zone, a major fault structure,
considered potentially important in the regional emplacement of gold
mineralization, passes just 3 km to the south of Munro. The subparallel
Pipestone Fault System extends through the north part of the property. The
Croesus gold deposit, a small but very high grade past producer is 400 metres
west, while the larger and currently undeveloped Fenn-Gibb deposit is located
immediately to the southeast. The volcanic-sediment assemblage that hosts the
Fenn-Gibb deposit extends through the south portion of the Munro property. Gold
occurrences have been previously reported at Munro associated with quartz
veining, silicified quartz-feldspar-porphyry, and fractured and silicified mafic
volcanics. Scott Wilson RPA concluded that the Munro property hosts significant
exploration potential and recommended a substantial exploration program, focused
initially on the potential discovery of Fenn-Gibb and Croesus style
mineralization.
JUBILEE PROPERTY INTERESTS
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PROPERTY LOCATION COMMENTS
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Golden Harker (621-ha) Harker Twp. ON advanced, shear-hosted
gold
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Munro Property (600 ha) Munro/Guibord Twp. ON mid-level, quartz and
shear hosted gold
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Munro North (132 ha) Munro Twp. ON early stage, favourable
for base metals
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Dale Project (112 ha) Harker Twp. ON anomalous gold, associated
with syenite
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Harker South (144 ha) Harker Twp. ON anomalous gold,
syenite/basalt contact
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Ghost Lake (144 ha) Elliott Twp. ON gold occurrence in sheared
basalt
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Magusi River (608 ha) Tannahill/Holloway Twps gold occurrence, quartz &
ON iron formation
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Dasserat Deep (284 ha) Dasserat Twp. Quebec gold, along trend of Kerr
Addison Mine
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Halcrow Creek (576 ha) Halcrow Twp. ON gold occurrence in sheared
porphyry
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Klotz Lake (276 ha) Longlac area, ON advanced gold - optioned
to Kodiak Expl.
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Elmhirst (64 ha) Elmhirst Twp. ON shear and quartz-vein
hosted gold
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Birneys Lake (1,536 ha) S.E. New Brunswick shear and vein hosted gold
& Zinc (Zn)
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True Hill (26-claims, Mount Pleasant area N.B. Geodex Minerals-Project
416ha) Operator, Sn
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Beach Hill (8 claims, Mount Pleasant area N.B. Geodex Minerals-Project
128ha) Operator
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McDougall (54cms, 864ha) Mount Pleasant area N.B Geodex Minerals-Project
Operator, Zn, In
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Royalty Interest - GermanStock Twps. ON advanced gold/Sage Gold
Clavos Inc.
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Royalty Interest Guillet Twp. Que. gold, base metals/P.
Desjardin
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Royalty Interest McGarry Twp. ON advanced gold/Armistice
Resources Corp
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Royalty Interest Springpole Lake ON advanced gold/Gold Canyon
Resources
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Royalty Interest Duprat Twp. Que gold/base metals
potential/Xstrata
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Jeffrey J. Becker,
President and Director
Grafico Azioni Jubilee Gold Exploration (TSXV:JUB)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Jubilee Gold Exploration (TSXV:JUB)
Storico
Da Lug 2023 a Lug 2024
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