Vancouver — Glenhaven Ventures (GHM-V) has inked a deal to acquire a 100% interest in the Springpole gold property in the Birch Uchi greenstone belt situated 115 km east of Red Lake in northwestern Ontario.
To acquire the property Glenhaven must pay the vendor $98,000 over a four year period and issue 120,000 common shares. The vendor retains a 2% net smelter return royalty, half of which may bought by Glenhaven at anytime for $1 million.
The 10 sq. km Springpole property consists of two groups of claims that cover both limbs of a large northwest trending anticlinal fold. Gold Canyon Resource’s (GCU) Springpole Lake property is situated within the core of the fold. Gold Canyon’s property is host to the Portage zone, a large-tonnage, low-grade gold deposit.
A structural interpretation of government airborne magnetic and electromagnetic surveys indicates a number of northwest-trending faults or fractures that seem to be related to the axial plane of the fold. Gold Canyon believes that these structures control the gold mineralization.
Three of the structures cross the eastern claim group of Glenhaven’s Springpole property. Two of these structures are spatially associated with gold mineralization and represent primary exploration targets for Glenhaven. An additional three structures cross the western claim group of Glenhaven’s Springpole property.
The western claim group is also host to a historical gold occurrence known as the Wagner Bay zone. This zone consists of a northwest trending quartz vein that measures up to 2.4 meters wide and that has been traced for a strike length of 213 metres. Samples from this zone returned assay values up to 0.22 oz gold per ton. Glenhaven intends to re-evaluate the area in the light of the new structural interpretations.
Genhaven currently has ten properties under option and controls over 23,500 acres in the prolific Red Lake – Birch Uchi gold camp.
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