Vancouver — Candente Resource (DNT-V) and Cornerstone Capital Resources (CTP-V) will commence a 15-hole drill program on the Island Pond gold property, the Botwood Basin of central Newfoundland.
The 9.5 sq. km property comprises 38 claims and straddles a paved highway, 5 km south of the Trans Canada Highway. Candente stands to earn a 51% interest in the Island Pond Gold Property from Cornerstone by spending $1.5 million on exploration and making cash and share payments of $115,000 and 115,000 shares, respectively, to Cornerstone over a four year period. Candente holds a second and third option to increase their interest to 61% and 75% interest by funding bankable feasibility and arranging mine financing.
Candente states that phase-1 drilling will comprise a minimum of 1,000 metres and will target low sulphidation gold and silver vein systems as well as Carlin-type sediment hosted gold deposits. The Island Pond property is underlain by sedimentary rocks, which include calcareous and carbonaceous rocks.
Adjoining the property to the southwest is the Moosehead property which is held by Altius Minerals (ALS-V) and under option to Sudbury Contact Mines (SUD-T). Drilling at Moosehead returned intersections which assayed as high as 1,154.35 grams gold per tonne over 0.18 metres; 170.31 grams gold over 1.5 metres and 14.07 grams gold over 16.84 metres.
Drill targets on Island Pond include a group of north-northwest trending structural zones which run parallel to those targeted on the Moosehead property. Candente states that a number of these structures have coincident gold, arsenic and antimony soil geochemical anomalies as well as sulphosalt or precious metal bearing quartz float. Samples from the northeastern portion of the Island Pond property assay as high as 171.2 grams silver, 0.69% antimony, and 142 ppb gold.
In the same area, lake bottom sediments carry up to 10 ppb gold. The Island Pond property is up ice from the Moosehead property.
Be the first to comment on "Drilling commences on the Island Pond"