Cangold (CLD-V) makes final Plomo payment, begins sampling
Dec 3rd, 2012 - News Release
Cangold Ltd. has formally exercised its option for a 100-per-cent interest on the 4,279-hectare Plomo gold project in northern Sonora, Mexico. Pursuant to the terms of the option agreement, Cangold has made the final cash payment and share issuance to the vendor, which will retain a 2-per-cent net smelter return royalty on any future production from the property.
Recent geological mapping and detailed surface rock sampling have identified several new areas of gold mineralization, such that the Plomo project now has nine gold zones associated with low-angle faulting within a 1.5-kilometre-by-five-kilometre area.
A two-month follow-up program has been initiated, including detailed channel sampling of altered and mineralized structural zones, further geological and structural mapping, and a review of satellite imagery. Upon completion of this program, the most promising targets will be evaluated for potential drill testing in 2013 in search of low-grade, bulk-tonnage gold mineralization. |
