Electra Stone acquires claims near Moosehead
2018-09-07 12:56 ET - News Release
An anonymous director reports
ACQUIRES GROUND IN TSX-SIC MOOSEHEAD DISCOVERY AREA AND HISTORIC GOLD
Electra Stone Ltd. has acquired a 100-per-cent interest in claims located in the area of Sokoman's Moosehead gold discovery in Newfoundland. The ground package consists of ground approximately five kilometres east-southeast of the Moosehead discovery and ground farther northeast in the Silurian belt with historical gold intercept from drilling in the early 1970s. Sokoman recently reported on July 24, 2018, a drill intersection of 44.96 grams per tonne gold over 11.9 metres and subsequent $3-million private placement July 30, 2018, with Sprott.
Electra cautions investors that mineralization on the Moosehead property is not necessarily indicative of similar mineralization on its newly acquired claim block and the historical drill hole intercept in Silurian geology was before National Instrument 43-101 and prior to the geological significance of Silurian-aged rocks hosting gold values. Electra further cautions investors that it has not verified the Sokoman exploration data.
The Sokoman intersection consisted of quartz veining at a downhole depth of 109 metres to 120.9 metres. Visible gold was noted in the quartz veining. True width is not known but appears to be 50 per cent to 80 per cent.
As reported by Tasca Resources on July 25, 2018, the Moosehead property lies along a northeast-trending, 150-kilometre-long belt of Silurian volcanic, volcaniclastic and sediment rocks. Mineralization in the Moosehead area is associated with east-west-trending quartz veins associated with a north-dipping fault system.
Consideration for the 100-per-cent interest is three million shares, subject to Toronto Stock Exchange approval.
About Electra Stone Ltd.
Electra Stone is focused on mineral projects to grow the company with a current focus on the traditional market in Asia for jade. Electra owns a 100-per-cent interest in four placer titles located in British Columbia that have documented British Columbia Minfile jade occurrences.
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