Over the past few months, Major General Resources (VSE) has been increasing its stake in gold properties across the country. In Newfoundland, Major General Resources (VSE) has recently exercised an option to acquire a 50% interest in the Rendell- Jackman gold property, after spending the required $1.4 million on exploration. In future, all expenditures on the joint venture project will be shared equally by operator Noranda Exploration (TSE) and Major General.
A recently completed 8,500-ft. drilling program has identified significant gold mineralization on the property, particularly in the Hanmmer Down, Rumbullion, and Muggy Shag areas. The results of this program are currently evaluated by both partners, and are expected to be released in the near future.
Major General has also acquired a 32-property portfolio from Umex, a unit of Union Miniere of Belgium. The portfolio covers 85,000 acres of land across Canada, including several precious metal prospects in the Pickle Lake gold mining district of northwestern Ontario.
Major General is negotiating farm-out joint ventures on some of the Umex properties so that exploration may begin as soon as possible. The company is also planning directly funded programs on many of the other claims.
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