Proteus acquires interest from Kerr

Vancouver-listed Proteus Resources has concluded an option agreement with Kerr Addison Gold Mines to purchase Kerr’s 50% interest in an 88-claim gold property in Garrison and Thackeray twps., Ont. for $400,000.

The remainder of the property is currently under option to Silversides Resources, an associate company of Proteus.

Kerr will retain an 8% net profits interest in the property which contains drill indicated reserves of 200,000 tons grading 0.17 oz gold per ton. Of that amount 40,000 tons grading 0.24 oz is open pitable.

Diamond drilling is under way with two drills on the property. Several new EM targets have been outlined and will be drill tested shortly.

Diamond drilling has extended the main zone along strike and at depth with assays pending, the company says.