Projects
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Copper Prince
The Copper Prince property is a Gold-Copper project comprised of a contiguous block of 16 patented mining claims, encompassing approximately 260 hectares located in Falconbridge Township within the greater city of Sudbury, Ontario. The project lies in the Huronian Gold Belt -- a zone of past gold producers that extends from NE of the Sudbury Basin to the SW, south of the town of Espanola, a distance of approximately 120 kilometers (km).
On November 4, 2008, Garson Gold entered into an option and joint venture agreement with Centurion Minerals Ltd. (CTN:TSX-V) whereby Centurion can earn up to a 60% interest in the Copper Prince Property in two stages: 50% interest by making total payments of $75,000, issuing 650,000 shares, and incurring $900,000 in exploration expenditures over three years, and an additional 10% interest by incurring an additional $400,000 in exploration expenditures and issuing 250,000 shares within 18 months of the three-year anniversary date of the agreement. The property is currently subject to a 2% Net Smelter Royalty.
Centurion has commenced a first phase exploration program which will include a geophysical survey, mapping, line-cutting and channel sampling.
The claims immediately to the north and west of Copper Prince are owned by FNX Mining-Xstrata and are being explored for footwall type Ni-Cu-PGM deposits. Xstrata is developing their Nickel Rim South deposit with plans to go into production in 2009. The Xstrata smelter is located approximately two km to the north of the Copper Prince boundary. To the immediate east of the Copper Prince property lies the Falcon Gold Property which is owned by Kinross Gold Corp. Vale Inco's Manchester Offset Dyke (a Ni-Cu-PGM deposit) is located approximately 0.5 of a km south of the Copper Prince southern boundary.
Previous Exploration
From 1950 to 1973 Copper Prince Mines conducted various exploration programs over the property. During 1988-1989, Rainbow Exploration Corp. purchased the property from Copper Prince Mines, and optioned it to INCO Gold Co. INCO Gold constructed a new grid (for 29.6 km) and completed magnetic, electromagnetic (VLF and some IP surveys), remapped the geology at a scale of 1:1,000, collected 594 surface samples and drilled 4 holes for 421 m to test mineralization beneath the original "main" prospecting pit, and in 2 other areas.
In the period 1995 to 1997, Rainbow Petroleum Corp. tested the South Range Breccia Belt cutting the property with 27 diamond drill holes for 6,319 m testing zones with narrow gold copper values at surface. Estimated expenditures by INCO Gold and the Rainbow group of companies to that time were approximately $750,000.
In 2004, MBMI Resources Inc. drilled 10 shallow diamond drill holes for a total of 775 m. The assay data received confirms Copper-Gold mineralization within quartz veins which range up to several meters in size concentrations. Two zones containing numerous quartz veins containing Chalcopyrite, Pyrite, and Pyrrhotite mineralization were encountered. One trend is 15 m wide by 50 m long, and open on strike and at depth. The other trend extends 80 m in length, and up to 0.5 m in width and is also open on strike and to depth.
The information posted above was accurate at the time of posting, but may be superseded by subsequent disclosures. |
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