In a flurry of activity, International Canalaska Resources (VSE) has acquired new holdings in Arizona and Labrador, and launched an exploration program in Panama.
Canalaska joined the staking rush on the eastern coast of Labrador by acquiring 252 claims in four separate blocks comprising a total of 15,000 acres. The claims are near Diamond Fields Resources’ Voisey Bay nickel-copper-cobalt discovery.
An initial $200,000 work program is planned for the upcoming months. Farther south, the company can acquire the Secret Pass gold project in northwestern Arizona from Santa Fe Pacific Gold (NYSE). Staged payments totaling US$410,000 over two years are required.
Reserves for the Tin Cup and FM zones are estimated at 560,000 tons averaging 0.074 oz. per ton and 224,000 tons averaging 0.036 oz., respectively. Beginning in February, upwards of five targets will be drill-tested in a US$150,000 program.
Meanwhile, in west-central Panama, a preliminary program of stream sediment sampling, reconnaissance mapping and soil sampling has recovered more than 300 samples on the 53,000-acre Calobre concession.
Previous work by the United Nations identified several copper anomalies and indicated the potential for epithermal gold and porphyry copper-gold mineralization.
Canalaska can acquire the Calobre property — as well as two other concessions, Sierra Del Mar and Ipeti — by assuming ownership of the Panamanian exploration firm Aluviales de Panama. To earn its interest, Canalaska must pay US$250,000 cash and issue 200,000 common shares for each land concession it keeps. It plans to joint-venture the Sierra Del Mar and Ipeti properties.
Other projects include a joint venture with Delgratia Developments (VSE) on the Pauji concession, within the Kilometre 88 district in southeastern Venezuela. Delgratia can earn an 80% interest from Canalaska by spending US$5 million over five years. A 5,000-ft. drill program is planned. Back in North America, negotiations are under way to find a joint-venture partner for Canalaska’s Rainbow Hill gold property, situated in Alaska’s Valdez Creek district. Drill-inferred reserves are estimated at 383,000 tons grading 0.21 oz.
The company has 5.8 million outstanding shares and working capital of $125,000.
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