Cross Lake Minerals Ltd.: Cariboo Gold Property Acquired
VANCOUVER, BRITISH COLUMBIA--Cross Lake Minerals Ltd. ("the
Company") is pleased to announce that, subject to all necessary
approvals, the Company has been granted an option to earn a 100%
interest in the Cariboo gold Property from Imperial Metals
Corporation ("Imperial"). This acquisition is part of the
Company's on-going efforts to diversify its portfolio of mineral
properties.
The Property is located in the historic Cariboo Mining District,
62 kilometres southeast of Quesnel, BC. Access and infrastructure
in the area are excellent due to the intense logging activity and
the proximity of existing milling facilities in the area. Subject
to all necessary approvals, the Company may earn its 100% interest
in the Property from Imperial by incurring $100,000 in cumulative
exploration expenditures over three years and granting Imperial a
1% net smelter return royalty. The Company and Imperial have a
common director.
The claims were originally staked in 1981 to cover the drainage
that was anomalous in precious metal elements that was identified
during a Provincial stream sediment sampling program. The geology
underlying the property consists of Triassic-aged siltstone, mafic
basalt and tuffs that have undergone extensive alteration
consisting of ankerite, silica and pyrite. The Property and
surrounding area has been explored by various mining companies
over the last twenty one years with programs including airborne
and ground geophysical surveys (VLF-EM, Magnetometer, Induced
Polarization (IP)), stream sediment, soil and rock sampling,
geological mapping, prospecting and reconnaissance drilling
consisting of ten diamond drill holes totalling 1,751 metres.
The main area of interest is in the vicinity of diamond drill hole
89-6, completed by Corona Gold Corporation in 1989, that
intersected 5.26 grams/tonne gold over an 8.5 metre interval (0.15
oz/ton over 27.9 feet). This drill hole tested a coincident
precious metal soil and IP anomaly. The Company intends to
diamond drill in the areas of the coincident anomalies and the
drill hole gold intersection and explore other anomalous areas on
the Cariboo Property. |
