Junior Moss Resources (TSE) has acquired a 70% interest in 100 claims in the Kyfanan Lake area of Labrador.
The claims are underlain by a portion of the Kyfanan Lake layered intrusion, a mafic-to-ultramafic complex measuring 110 km long by 12 km wide.
Lake sediment geochemical sampling conducted by the Geological Survey of Canada outlined several copper, nickel, cobalt and vanadium anomalies. Airborne geophysical surveys also outlined geophysical targets.
The company will complete magnetic and electromagnetic ground geophysical surveys in search of nickel-copper-cobalt-bearing sulphide zones.
In other news, Moss has signed a letter of intent with Barrick Gold (TSE), giving the former the right to earn a half interest in the Koval gold property near Pickle Lake, Ont. To do so, Moss must spend $600,000 on exploration over the next four years.
Gold was first discovered on the 59-claim, 2,360-acre property in 1953, when it was uncovered in a sequence of highly altered and sheared intermediate-to-felsic volcanic and chemical sediments.
Since discovery, sporadic exploration, consisting of mapping, prospecting, trenching, lithogeochemical sampling, geophysical surveys and 13,000 metres of drilling, has been carried out. Government reports quote mineral reserves to be 428,717 tonnes averaging 5.81 grams gold per tonne.
Moss will review technical data before completing additional mapping, lithogeochemical sampling and selected geophysical surveying to define drill targets.
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