Kapuskasing Gold acquires 15 claims in Newfoundland Kapuskasing Gold acquires 15 claims in Newfoundland
2017-03-23 09:53 ET - News Release
Mr. Jonathan Armes reports
KAPUSKASING GOLD BOLSTERS LAND POSITION AT LADY POND WITH ADDITIONAL COPPER/COBALT CLAIMS IN NEWFOUNDLAND & LABRADOR
Kapuskasing Gold Corp. has acquired by staking a 100-per-cent interest in 15 claims (375 hectares) located in the prolific mining area of Baie Vert, in the Springdale Peninsula area of Newfoundland. These claims are proximal and contiguous to the "Lady Pond Project". The Lady Pond Project is now composed of 33 claims (825 hectares) located approximately 45 kilometres from the Nugget Pond Milling Facility operated by Rambler Metals and Mining Canada PLC..
The ongoing compilation to date on the 8 recently acquired claim blocks announced March 1, 2017, is progressing well (data housed by the Newfoundland and Labrador, Department of Natural Resources (DNR)). The compilation has also pointed KAP toward privately held files that the Company is accessing where available.
Historic work to date indicates the Lady Pond Prospect is one of the priority properties in the portfolio of eight. DNR files reviewed and interpreted guided the Company to acquire 11 claims to the northeast and 4 claims to the southwest (275 and 100 hectares respectively) of the Lady Pond prospect. The 15 claims were staked to cover the interpreted strike direction of geology and known mineralization.
The review of historic data has located selected grab sample results of blasted rock on a dump site located at Lady Pond. Three of the samples returned the following results:
1.08 g/t gold, 5.84% copper and 0.05% cobalt,
0.81 g/t gold, 3.36% copper and 0.12% cobalt
6.51 g/t gold, 6.80% copper and 0.14% cobalt
KAP is continuing the historic data compilation and cautions the reader that these are selected grab samples and additional sampling is required to verify and bring up to 43-101 compliant standards.
The Company continues to review all available data on the projects in Newfoundland and Labrador. The compilation will guide the exploration that will commence in late spring as conditions permit. Exploration programs will focus on the down dip and shallow on-strike potential of the known sulphide occurrences, with a particular emphasis on cobalt and gold mineralization. Previous operators focused primarily on the copper mineralization and it appears that cobalt and gold analysis was never routinely performed. KAP will concentrate on determining the cobalt, gold and copper potential by assaying for all three elements. As the compilation progresses materials will be placed on the company website.
"We are excited about the known copper mineralization of the Lady Pond area, however, the potential for cobalt and gold mineralization is particularly intriguing." stated KAP president and CEO Jonathan Armes. "Adding additional claims by staking should reward the Company and its shareholders by adding 100% owned claims hosting historic surface occurrences."
Mr. Garry Clark P.Geo,(Exploration Manager and a director of the Company) a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release. The content of the geological data presented has been derived from the Provinces Mineral Deposit Database and exploration assessment files and are believed to be accurate and correct.
We seek Safe Harbor.
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