Juniors find gold in Nfld

Fort Knox Gold Resources (FNX-T) and Northway Explorations (NOW-T) have discovered surface gold mineralization at the Twi-Lite property in central Newfoundland.

Channel sampling returned up to 23.6 grams per tonne over 0.25 metre. Over 1-metre widths, the grade drops to between 1 and 0.4 gram.

The mineralization is said to be associated with an abrupt change in the strike of altered mafic volcanics and sediments in a known auriferous deformation zone.

Fort Knox can acquire the 9,500-ha property outright, subject to a 3% net smelter return royalty. A subsequent agreement allows Northway to earn half of Fort Knox’s interest. Under terms of the latter deal, Northway must fund trenching and an 8-hole, 1,000-metre drill program on the new gold zones.