Near VGD-V - Walker River Resources (WRR-V) Dec 2, '14 has entered into an agreement to acquire 100-per-cent ownership in a gold exploration project in northwest Quebec.
The property, consisting of 22 claims comprising approximately 1,171 hectares, is located in the James Bay region, about 330 kilometres north of Chibougamau in the Quebec government's Plan Nord territory. The Quebec government's ambitious Plan Nord project included the construction of a 240-kilometre all-season road to access and develop the Stornaway Renard diamond project, and in 2014 this road access resulted in the discovery of mineralized, rusted and angular float boulders, with assays up to 142.5 grams per tonne gold (see the Visible Gold Mines Inc. news release dated Nov. 4, 2014).
The new Walker River property is located about 13 kilometres northeast along glaciation strike (up-ice direction) of the discovery of this mineralized float rock. Geology consists of the presence of the large sedimentary Otish basin overlying Archean basement rocks. The Otish basin consists of subhorizontal strata covering an area 120 kilometres long by 60 kilometres wide. The older rocks of the area are Archean gneisses of the Opatica subprovince, part of the Superior province. The gneisses enclose greenstone belts composed of amphibolites, mafic meta-volcanites and associated volcanoclastites. This geological environment is highly prospective for precious and base metal deposits.
Walker River can acquire a 100-per-cent ownership in the property by the issuance of 1.6 million shares to 6645488 Canada Inc. and 400,000 shares to Services Geologiques T-Rex Inc. The vendors retain a total royalty of 1 per cent, which can be repurchased at any time for $500,000.
This transaction is subject to the approval of the TSX Venture Exchange.
This acquisition adds to the company's gold project portfolio, which now consists of a project in Nevada and one in Quebec.
The company's Nevada Lapon Canyon gold property is located within the Walker Lane tectonic trend, about 60 kilometres southeast of Yerington. As previously announced, the company has received its drilling permit from the Bureau of Land Management, with the initial planned drill program targeting potential high-grade gold mineralization in crosscutting shear structures.
E. Gauthier, Geol, Eng (OIQ), acts as the qualified person to the company and has reviewed and approved the contents of this release. |
