Linear can earn acquire the property, subject to a 2% net smelter return royalty, by spending $150,000 on exploration, paying $52,500 in cash and issuing 130,000 shares to the vendor, Pathfinder Exploration, over three years.
Prospector Leroy Smith discovered the Lodestar showing in 1998 on a road just off the Trans Canada Highway, 3 km south of the town of Goobies. The mineralized showing is a hydrothermal diatreme breccia zone that appears to be localized along the contact between a phase of the Powderhorn gabbro and the Connecting Point sedimentary units. Previous channel sampling across the exposed zone returned 5 grams gold and 14.8 grams silver per tonne over 15.9 metres.
The grassroots discovery originally caught the eye of NDT Ventures, which carried out prospecting, line cutting, soil sampling and ground geophysical surveys, as well as backhoe trenching, before relinquishing its option in 1999.
Linear has completed more line cutting and grid geophysical surveys since acquiring the property; it has also staked a further 126 claims in the area.
Be the first to comment on "Linear drills Nfld prospect"