Partners
Five holes totalling 984 metres tested 275 metres of a 1.1-km-long surface zone of anomalous, epithermal-style alteration. Each intersected the zone between 50 and 160 metres below surface, though the best result was only 0.36 gram per tonne over 1.5 metres.
The partners believe the poor results indicate that only the upper part of the epithermal system was intersected. This assumption is supported by the alteration patterns observed in drill cuttings and outcrops, and by the widespread distribution of anomalous arsenic, antinomy and mercury.
Sulliden can earn a 60% interest in the property by spending $1.4 million on exploration and paying either $250,000 over five years or issuing 500,000 shares. Altius will remain operator until these terms are met.
Meanwhile, Altius has acquired five more properties in central Newfoundland, bringing to 18 the number it now holds in the region. Four of the new acquisitions are in the Botwood Basin, where the company already owns eight properties, all of which are considered prospective for epithermal gold mineralization.
The remaining property lies 20 km southwest of the company’s Lockport base metal project and surrounds the Point Leamington massive sulphide deposit. That deposit, which rests in the same volcanic belt and hosts 13.2 million tonnes grading 0.48% copper and 2.25% zinc, as well as 20.57 grams silver and 0.89 gram gold, is owned on a 75-25 basis by
Altius must pay $2,000 and issue 50,000 shares to acquire the base metal property, and $1,500 and 30,000 shares to acquire one of the gold properties (the remainder were staked).
Recently, the company raised $335,000 in a private placement that saw just over 1.1 million shares issued.
Be the first to comment on "Juniors drill Rolling Pond"