North Lake - of interest The 2nd point of interest in the MAS PP NR was the plans for 1000m of drilling at North Lake.
GBN optioned the property in June/11. The terms included:
- Golden Band has committed to keep the property in good standing and to spend a minimum of $100,000 of qualifying work expenditures in the first two years;
- On spending of the $1 million earn-in expenditure, to complete the earn-in, Golden Band would pay a further $200,000 to the Optionor in cash or shares, at the Optionor’s election;
https://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=203234
GBN expanded the JV relationship w/ MAS in Appril/12 to include Preview Lake and North Lake. In regards to Preview Lake, MAS will pay all of the exploration costs. Not so for North Lake. Terms included:
Regarding the North Lake properties, Masuparia will earn a 50% participating interest in these properties by paying Golden Band $150,000 and 25,000 common shares in the capital stock of Masuparia, and will also pay the first $100,000 in exploration costs
https://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=203258
Interestingly, if MAS is raising equity for their share of the 1,000m drilling program but is only responsible for the first $100k, where is GBN getting their share of the money? Are they actually turning a profit on production?
LAR acquired the 8.5 km2 Preview SW property in Oct/11. The property had a non-compliant historical resource of 195,912 oz @ 12.34 g/t on 89 holes totalling 14,119m on 15m centres. After a airborne survey was completed LAR drilled 24 more holes and ~5,400m.
The first hole's reported gram-metre multiple was 348, the second was 204, the remaining holes were decent in terms of 2 g/t but nothing was quite that stellar as those first 2 holes. In 1 years time LAR announced a 43-101 on Preview SW of 138,100 oz @ 2.12 g/t indicated and 257,300 oz @ 2.09 g/t inferred w/ a 0.5 g/t cut-off over 5 parallel zones.
North Lake has a historical resource estimate of 180,000 oz @ 2.4 g/t w/ a 1.3 g/t cut-off on 42 holes 5,723m over 5 zones. I would add that the best drill result I think I saw was under 2 g/t over 22m.
I wish I knew what RN is planning.