Once its partner completes an initial public offering on the Alberta Stock Exchange, Almaden Resources (VSE) plans to perform more exploration on its Rose gold-silver project near Summerland, B.C.
Lausanne Development, which is in the process of listing, can earn a 50% interest in the property by funding $500,000 in work programs. Almaden acquired the property through staking, based on the results of a geochemical program of stream sediment-sampling carried out by the Geological Survey of Canada.
The survey, which covers a large part of southern British Columbia, identifies 10 silver anomalies. Nine of the anomalies are associated with mines or former mines, and the tenth is within the Rose project. Duane Poliquin, president of Almaden, says much of the property is covered by a thick cover of glacial till, and he postulates that previous prospecting could easily have missed a buried deposit.
Almaden, which remains the operator, has completed an induced-polarization (IP) survey which identified several targets.
Heavy mineral separations of basal till samples taken down-ice, to the south of the largest IP anomaly, returned anomalous results of up to 15,600 part per billion gold and 749 parts per million silver.
Additional ground to the west has been staked to cover the open end of the large IP anomaly, and further geophysical work is planned. Drilling will follow.
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