New agreement with Ides Exploration
Redbird Gold Corp RBD.A
Shares issued 25,269,860 Sep 12 close $0.23
Mon 15 Sept 97 News Release
Mr Ronald McKeown reports
The company has signed an agreement amending its April 1 1996 option
agreement with Ides Exploration of Thunder Bay, Ontario. The two agreements
provide Redbird with options to acquire 100% of Ides' Bridget Lake and
Pipestone Narrows properties in Ball Township.
The original agreement gave Redbird the option to earn 50% interest in two
properties comprising five claims in Ball Township, Red Lake, Ontario, by
making annual cash payments totalling $70,500 and delivering 100,000
Redbird shares to Ides over three years and incurring exploration
expenditures of $75,000 on the properties during the first year. Upon
Redbird earning its 50% interest in the properties, a joint venture would
be formed with Redbird as the operator. The Ball Township properties are
subject to a 2% nsr held by independent third parties.
The new agreement dated September 8 1997 now includes, in addition to
confirming all terms of the original agreement the right and option of
Redbird to purchase the remaining undivided 50% interest in the Ball
Township properties held by Ides by issuing to Ides 300,000 shares of
Redbird.
The company has received results from its recent surface channel sampling
of a gold mineralized quartz-carbonate vein system on its Bridget Lake and
Pipestone Narrows properties in Ball Township. Original exploration by
Cochenour Willans Gold Mines in 1936 on this zone of undetermined length
had yielded surface samples containing up to 11.9 g/t gold (0.34 oz/t gold)
over 4.8m. The planned Redbird channel sampling of this gold-bearing vein
system has confirmed its early promise. Seven new channel samples have
returned consistently high grade gold values, ranging from 15.6-34.4 g/t
gold over widths of 51 to 80 cm. With additional chip and grab samples
returning stronger gold values, of up to 89 g/t gold. These results taken
with past sampling have prompted Redbird to increase its options to acquire
100%.
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