I am about 75% certain that the future is golden for MGJ shareholders. VB.
Despinassy (gold)
In November 1997 Cameco Gold Inc. (Cameco) optioned the 25 claim Despinassy Property (984 hectares), located 80 kilometres north of Val d'Or, Quebec.
Cameco may earn a 60% interest through cash payments totaling $50,000 and exploration expenditures of $600,000 over three years. An additional 10% interest may be earned by making a further payment of $25,000 and incurring expenditures totaling $250,000 in the fourth year.
The property is located in the Abitibi Greenstone Belt and covers a series of layered volcanic rocks that host an extensive gold bearing deformation zone.
Drilling by previous owners encountered wide shear zones hosting multiple gold veins grading over 1 g/T with higher gold grade intercepts ranging up to 8 g/T over 1.5 metres and 16.5 g/T over 0.7 metres.
In early 1998, Cameco initiated a $150,000 exploration program consisting of line cutting, induced polarization surveys (30 kilometres) and 1,390 metres of diamond drilling (7 holes). At the time of this writing results were pending, however, Cameco has staked an additional 15 claims to cover possible extensions to the mineralized deformation zones. |
