Results of grab samples from Virginia Gold Mines’ (VIR-M) La Grande Sud project in the James Bay area of northern Quebec confirm the presence of several gold-bearing structures.
Samples returned grades of up to 1.82 oz. per ton, and Virginia is planning more tests on the showings.
Meanwhile, the company has agreed to acquire the nearby Radisson project of Battle Mountain Canada (BMC-T) by spending $1 million on exploration within five years.
As part of the deal, Battle Mountain will retain a 2% net smelter return (NSR) royalty and the right of first refusal on a joint venture until January 31, 2006. Virginia can buy back a quarter of the NSR for $500,000.
The 10-sq-mile property contains a gold-bearing iron formation traced laterally for more than 5 miles. Virginia plans to drill the best geophysical targets associated with the iron formation.
Nearby, Sirios Resources (SOI-M) has staked 60 new claims just 200 metres north of of its LG-3 property, where gold and copper mineralization is associated with iron formation. LG-3 is a joint venture between Battle Mountain and Sirios.
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