Skygold Ventures has signed a letter of intent to acquire from Eastfield a 51% interest in the Fort mineral property in the Omineca mining division of British Columbia. The property consists of 14 claims totalling 272 claim units (17,000 acres).
To acquire the interest, Skygold must issue 200,000 shares, make cash payments of $590,000 and spend $1 million on exploration over five years.
In 1998, Ascot Resources optioned the property from Eastfield and completed a $324,000 program of claim staking, grid preparation, soil and rock geochemical surveys and magnetic and I.P. surveys before returning the property to Eastfield. The exploration done to date has outlined a number of geochemical and geophysical anomalies, corresponding to known areas of porphyry copper-molybdenum mineralization, which are drill targets for the next phase of exploration. One of the copper anomalies measures 1,200 meters by 400 meters and is related to exposures of potassically-altered hydrothermal breccia with copper and molybdenum mineralization.
Skygold anticipates expanding the geochemical and geophysical grids and drilling the main copper-molybdenum zone.
Bill Morton
President |
