Mustang yields gold

Partners Altius Minerals (ALS-A) and Sulliden Exploration (SUE-M) have intersected low-grade gold mineralization at their Mustang property in central Newfoundland.

Gold values encountered in all 10 holes drilled varied between 0.1 and 4.31 grams per tonne over 0.3 and 17.1 metres. Minor silver was also reported, and several intersections contained high-grade sub-zones (between 1 and 2 grams and not exceeding 2 metres in core length).

Holes were collared to test mineralization exposed in trenches dug intermittently over 1.5 km of a 5-km-long area that contains outcroppings of siliceous, sulphide-bearing sedimentary rocks. Where noted, gold mineralization is hosted by quartz breccia, stockworks and zones of flooding which appear to be associated with a steeply dipping fault.

Sulliden is earning a half-interest in the Mustang project by spending $470,000 on exploration over three years. Once acquired, the stake can be increased by 10% in return for expenditures of $1 million and payment of $250,000, or issuance of 500,000 shares.