Hello David
I don't know nut I certainly would expect he was involved. My take is that he would not have jumped ship from a major (security) unless he thought he had some exciting ground to prove up.
Not the news I was waiting for but this was one Sedar last night:
DRILL PROGRAM LAUNCHED ON MAJOR GENERAL CLAIMS
AT GREEN BAY PROJECT, NEWFOUNDLAND
VANCOUVER, March 26 --William J. Coulter, president of Major General Resources Ltd. today announced the beginning
of a 2,500 metre (8,200 feet) drill program on the company's properties at Green Bay, Newfoundland. The program is being conducted by Major General's Green Bay partner, Hudson Bay Exploration & Development Company Ltd.
The drill program has been designed to test strategic targets for massive sulphide base and precious metal deposits in the Catcher's Pond felsic volcanic sequences. Geochemistry has confirmed that these volcanics are similar to rocks in the Buchans region, 70 kilometres southwest. Over close to sixty years, the Buchans Mine produced more than 16 million tonnes of ore grading 14.5 percent zinc, 7.5 percent lead, 1.33 percent copper, 126 grams per tonne silver and 1.37 grams per tonne gold.
Drill targets for massive sulphides were outlined by geophysical surveys in recognized areas of altered felsic
volcanics with known stringer style mineralization and/or extensive soil geochemical anomalies. Five targets have
been identified, with three of them defined in detail. As many as three areas of interest are expected to yield
additional targets.
To develop targets for drilling, a deep penetrating, induced polarization survey was begun on March 5. The I.P.
Survey is expected to cover 25 line kilometers and be completed by the end of this month. With a line spacing of
200 metres, approximately 6.5 kilometres of strike length along the favourable Lochinvar-Batters Brook trend
comes under the survey. Previous shallow drilling along this trend encountered a number of base metal zones
containing narrow, but high-grade zinc-copper-gold-silver mineralization.
The drill program is expected to be completed within two months.
HBED may earn a 60% interest in the properties by making exploration expenditures of $3.5 million and option
payments of $200,000 over a period of four years. HBED may earn an additional 15% interest by funding a feasibility study, upon which ownership will be HBED 75% and Major General 25%. If Major General dilutes to a 10% equity interest, its joint venture interest will revert to a 2% NSR of which 1% can be bought by HBED for $2 million.
Meanwhile, Major General Resources is preparing for an April 12 meeting at which shareholders will be asked to
approve the restructuring of the company as two entities; Commander Resources, focusing on base and precious
metal projects across Canada, and Diamonds North, concentrating on diamo nd properties in Nunavut and Northwest Territories.
William J. Coulter
President
By the by, I presume you have seen the TWG NR. Looking very interesting.
Keep well.
Regards
Vaughn |
