VenCan acquires projects

As well as evaluate the potential of claims near the Edwards gold mine in southern Ontario, VenCan Gold (VCG-M) plans to explore newly acquired mineral projects in New Brunswick and Quebec.

The Toronto-based junior recently staked 40 claims in the Riley Brook area of northwestern New Brunswick, 80 km east of Edmunston. Previous sampling on the claims yielded assays of up to 2.5% combined lead-zinc-copper from silicified, rhyolite breccia boulders. Mapping and trenching are under way in an attempt to establish drill targets.

The junior also staked 30 contiguous claims in the Rivire Pentecote region of northeastern Quebec, about 18 km southwest of Port Cartier. This region encompasses an anorthosite-norite complex within a basin-like structure that is believed to share similarities with the River Valley intrusive in Ontario. Prospecting and sampling are scheduled for June.

Earlier this year, VenCan sold its 3-claim Edwards mine property to River Gold (RIV-T) for $1.5 million and a 3% net smelter return royalty. This deal ended litigation between the companies related to the treatment of ore from Edwards at River Gold’s nearby Eagle River mine. The Edwards mine is 50 km northeast of Wawa.

VenCan expected to receive 550 oz. gold and $220,000 from the first mill-run of the year. Another batch of ore from the Edwards mine will be processed this fall.

The junior holds 43 claims adjoining the Edwards mine to the north, west and south and is trying to determine whether the strike and structure of the Edwards deposit trend on to these claims at depth. A proposed drill program has been deferred until after the company has analyzed new data relating to underground development.