Mineral Mountain Purchases Whetstone Minerals' 2 Km Long Pine Centre Gold Horizon Straw Lake Beach Mine Area, Ontario
2011年2月28日 - 9:00PM
Marketwired
Mineral Mountain Resources Ltd. (TSX VENTURE: MMV) ("Mineral
Mountain" or the "Company") and Whetstone Minerals Ltd. (TSX
VENTURE: WMI) ("Whetstone") are pleased to announce that Mineral
Mountain has purchased a 100% interest in the Bluffpoint Property
consisting of 11 unpatented mining claims totalling approximately
1,104 hectares (2,727 acres) from Whetstone. The property adjoins
the northern limits of Mineral Mountain's Straw Lake Beach Gold
Mine property located approximately 70 kilometres northeast of the
Rainy River gold deposit in the Kenora mining district of Ontario
(see Mineral Mountain's September 28, 2010 news release).
The Straw Lake Beach Mine produced 33,662 tons grading 0.34 oz/t
Au between 1938 and 1945. The majority of the acquired claim block
covers a low-grade large tonnage alteration type gold zone that is
geologically similar to the Hammond Reef gold deposit (6.9 Moz)
near Atikokan, Ontario.
Bluffpoint Property Gold Potential
The claims are underlain by the mixed border phase of the
southern lobe of the Lawrence Lake Batholith consisting of
tronhjemites and quartz diorites. Significant concentrations of
gold mineralization are associated with a series of faults that
cross-cut the granodiorite intrusion. Gold mineralization is
associated with regionally extensive faults related to the two
prominent directions of strain (100deg and 340deg) in the regional
east/west-trending Pipestone Lake-Manitou Stretch Fault. During the
1980's, previous workers discovered several gold showings within
the border phase of the Lawrence Lake Batholith. In 1980, BP-Selco
discovered the Pine Centre, Pine West and Pine Hill gold
occurrences. The 1980 diamond drilling intersected broad low grade
intervals including 1.36 g/t over 18.29 metres (0.048 oz/t over 60
feet). Trenching and mapping by Noranda, in 1982, returned 13.89
g/t Au over 3.05 metres (0.49 oz/t over 10 feet) at the Pine Centre
occurrence. Between 1985 and 1988, Minnova Inc. completed 23
diamond holes in the area with the following highlight results:
1.71 g/t Au over 5.61 metres (0.06 oz/t Au over 18.4ft) (SL-09),
2.55 g/t Au over 4.79 metres (0.09 oz/t over 15.7ft (SL-11), and
3.69 g/t Au over 1.49 metres (0.13 oz/t over 4.9ft) (SL-07).
In 2007, Whetstone completed 10 diamond drill holes totalling
1,990 metres. Three of the holes testing the Pine Centre gold
occurrence returned the following favourable results: 3.88 g/t Au
over 2.00 metres (BP07-01), 2.90 g/t Au over 13.46 metres (BP07-09)
and 1.98 g/t Au over 9.20 metres (BP07-10).
Nelson W. Baker, Mineral Mountain's President and CEO commented:
"The addition of these claims to our company's Straw Lake Property
represents a significant acquisition with outstanding bulk tonnage
gold potential."
Mineral Mountain purchased the Whetstone property subject to
making the following payments to Whetstone:
Cdn. $100,000 and 325,000 common shares of Mineral Mountain
within five business days of receipt of an acceptance letter from
the TSX Venture Exchange approving the transaction; and Cdn.
$100,000 and 325,000 common shares of Mineral Mountain on or before
February 23, 2012.
Whetstone has retained a 2% net smelter royalty, one-half of
which may be repurchased by Mineral Mountain for $1 million. Five
of the 11 unpatented mineral claims are subject to an underlying
agreement with Robert J. Fairservice who retains a 2% net smelter
royalty on these claims. The Fairservice royalty is payable out of
the royalty payable by Mineral Mountain to Whetstone and is not in
addition thereto.
About Mineral Mountain
Mineral Mountain is a well-funded explorer and developer of
precious metals with approximately $8 million in its treasury. The
Company has four major gold projects that meet Mineral Mountain's
long term objectives of becoming a strong mid-tier resource
producer. In southeastern British Columbia, the Company's
100%-owned 89,000-hectare, 70 km by 15 km Kootenay Arc Project is
believed to have a geological environment for sediment-hosted
precious metal deposits similar to those found in the Carlin Trend
of Nevada and in the Selwyn Basin of Yukon. In the emerging Shining
Tree mining camp 100 km south of Timmins, Ontario, the Company,
through its joint venture with Golden Harp Resources Inc. has
become a key explorer in the district. The 145 km2 Golden Harp Main
Block (60%) and Block A (70%) options host large gold systems that
offer above average potential to host both bulk tonnage and high
grade gold mineralization. The recently acquired 7 km by 3 km Straw
Lake Beach Mine Property 70 km northeast of the Rainy River deposit
offers great potential to host a Hemlo-style gold deposit.
MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO
To be added to Whetstone's private email list, please contact
info@whetstoneminerals.com.
Reader Advisory
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward looking
statements. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "could" or "should" occur. Although
the Company believes the expectations expressed in such forward
looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Factors that cause the actual results to differ
materially from those in forward-looking statements include gold
prices, results of exploration and development activities,
regulatory changes, defects in title, availability of materials and
equipment, timeliness of government approvals, continued
availability of capital and financing and general economic, market
or business conditions. The Company cautions the foregoing list of
important factors is not exhaustive. Investors and others who base
themselves on the Company's forward-looking statements should
carefully consider the above factors as well as the uncertainties
they represent and the risk they entail. The Company believes that
the expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct. Please see the public filings of the
Company at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept
the responsibility for the adequacy and accuracy of this news
release.
Contacts: Mineral Mountain Resources Ltd. Brad Baker Director
(604) 714-0111 bbaker@mineralmtn.com Kin Communications (604)
684-6730 ir@kincommunications.com Whetstone Minerals Ltd. Allan
Dolan Chairman and Interim President and Chief Executive Officer
+44 (77) 9697 3008 info@whetstoneminerals.com
Whetstone Minerals Ltd. (TSXV:WMI)
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Whetstone Minerals Ltd. (TSXV:WMI)
過去 株価チャート
から 6 2023 まで 6 2024