MOA-v...in the news:
Mountain Lake earns 50% of Valentine Lake gold property
News Release
Mr. Allen Sheito reports
MOUNTAIN LAKE EARNS 50% INTEREST AND SIGNS FORMAL JOINT VENTU ...
Mountain Lake Resources has completed the required expenditures to earn a
50-per-cent interest in the Valentine Lake gold property, Newfoundland, and
has signed a formal option and joint venture agreement with Noranda Inc.
for the property. Under the terms of the agreement, Mountain Lake can earn
a 100-per-cent interest in the Valentine Lake property by incurring an
additional $2.5-million in exploration work over the next five years, and
issuing one million shares to Noranda. Noranda would retain a 3-per-cent
net smelter return (NSR) on precious metals production and a 2-per-cent NSR
on base metals production, as determined under the agreement.
The 2002 diamond-drilling program, consisting of nine exploration holes
totalling 1,041 metres, was carried out in new areas and along strike from
existing drilling within the 25-kilometre gold belt. Coincident geophysical
and geochemical anomalies were systematically tested and seven out of the
nine holes drilled obtained anomalous gold values. The more significant
values were:
Leprechaun Pond area
Hole Interval (m) Length Gold assay
No. (m) (g/t)
02VL-79 12 to 16.75 4.75 4.29
02VL-80 46.85 to 48 1.15 3.73
Valentine East area
Hole Interval (m) Length Gold assay
No. (m) (g/t)
02VL-81 36.3 to 37 0.70 4.62
02VL-81 66 to 68 2.00 2.67
02VL-85 137.5 to 138.4 0.90 5.25
02VL-78 39 to 40.4 1.40 0.61
Additional fieldwork consisting of geochemistry and geophysics will be
carried out before further diamond drilling is effected, as 80 per cent of
the 14,644 hectares that make up the property remain unexplored. Further
work is also planned to test the base metal potential of the property.
Allen Sheito, president and chief executive officer of Mountain Lake
Resources, stated, "I am pleased to announce that the results of the recent
drill program are significant and demonstrate further work is required to
ascertain the nature and distribution of the gold mineralization at the
Valentine Lake property."
K. Kirk Woodman, PGeo, of D.R. Duncan & Associates Ltd., is the qualified
person responsible for the 2002 program. |
