jor General Resources Ltd -
Cameco/Major General joint ventures Despinassy property
Major General Resources Ltd
MGJ
Shares issued 41,742,995
2000-01-12 close $0.16
Thursday Jan 13 2000
See Cameco Corporation (CCO) News Release
Mr. William Coulter reports
Cameco Gold, as to 70 per cent, and Major General, as to 30 per cent, have
entered into a joint venture agreement for the further exploration and development
of the Despinassy gold property. Cameco Gold has been appointed manager, and
the joint venture has approved an exploration program costing $450,000, which
will commence on Jan. 17.
The program's first phase will be composed of 2,500 metres in six holes around
Hole Des 99-17, where previous drilling intersected a number of gold zones,
including 11.0 grams per tonne Au over 3.1 metres, 10.4 g/t Au over 1.6 metres
and 7.0 g/t Au over 5.1 metres.
Cameco Gold optioned the Despinassy property in late 1997, and since then has
incurred $852,000 of exploration expenditures and made option payments to
Major General of $75,000. The Despinassy property covers 4,568 hectares and
is located 75 kilometres north of Val d'Or, Que. These gold zones are situated
within an altered deformation corridor attaining widths of 200 metres and a strike
length of at least 4.5 kilometres, which is consistently anomalous in gold.
Cameco Gold is a wholly owned subsidiary of Cameco Corp. Cameco Gold has
production at Kumtor in the Kyrgyz Republic, and exploration projects in North
America and Central and Southeast Asia. North America is Cameco Gold's
primary exploration target, where it is concentrating on acquiring high-quality
late-stage projects like Despinassy.
Major General is senior exploration company exploring for gold, base metals and
diamonds across Canada.
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