Finally some action!!! Believe it or not!!!!!
Kaiser will fall off his chair!
CaribGold Announces Torngat Property Acquisition
Toronto, Ontario - Monday, April 10, 2000, 2:26 PM EDT
CaribGold Resources Inc. (TSE: CG) reports that, following the announcement in late 1999 of a diamond discovery by Twin Gold Corporation in the Torngat of Quebec's Ungava Bay area, CaribGold Resources Inc. acquired a 50% interest on two permit areas totalling 130 square kilometres. The two permits were acquired for staking costs and one block is strategically positioned next to and some two kilometres northwest of Twin Gold's diamond discovery. The presence of kimberlite dykes in the Northwest part of one of Caribgold's permit areas is also mentioned in a previous work report.
CaribGold and its 50% staker are seeking potential joint venture operators for this property.
CaribGold further reports that it will commence a work program on its optioned claim group in Northern Quebec from Beaufield Consolidated Resources Inc. from which it can earn a 50% interest on 400 claims by spending $100,000. The Beaufield option adjoins to the east of CaribGold's 100% owned Lac Evans property on which the Company located several interesting geologic environments with anomalous precious and base metal values.
A regional compilation by the Company's consultant has located on the Beaufield claims a strong mineralized shear trending east-west from the CaribGold eastern boundary for some 6 kilometres including one diamond drill hole originally drilled by Noramco in the 1980's which returned 15.3% Zinc, 1.0% Copper and 2.0 g/t Silver over 5.0 metres. The mineralization was repeated in several shallow drill holes and followed the structure along strike for over two kilometres. This geological structure will be the focus of CaribGold's work program this summer which is considered to have substantial potential for VMS type base metals.
In regards to CaribGold's 100% owned Lac Evans property, drilling in 1999 intersected numerous narrow mineralized zones confirming geophysical anomalies. Anomalous copper, nickel, zinc and silver values were encountered and in one diamond drill hole, two narrow quartz veins in a gabbro returned gold values. No further work is planned on this property for the year 2000, and the claims will
be held in good standing.
For further information, please contact:
Mr. Paul Zyla, Chairman Tel: (416) 350-2338
Mr. David Bell, President Fax: (905) 350-3510 |
