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Acrex options Grizzly-Kellar property in the Chibougamau region of Quebec
Acrex options Grizzly-Kellar property in the Chibougamau region of Quebec
About this update from Avventura Resources Ltd.
[{"type":"text","content":"\n\n\n\n May 18, 2010 (Canada NewsWire Group) -- Symbol "AKV": TSX Venture Exchange\n\n Acrex Ventures Ltd. ("Acrex" or the "Company") has signed an Option Agreement dated April 20, 2010, securing an option to acquire 100% ownership of the Grizzly-Kellar group of mineral claims (the "property"). To exercise and maintain the option the Company must:\n\n\n >\n\n\nThe optionors will retain a 2.0% NSR Royalty. The Company may re-purchase a 1.0% NSR Royalty for $1.5 million on or before two years from the date of the commencement of commercial production on the property.\nThe Grizzly-Kellar Lake gold property hosts a new gold discovery located in the northeast corner of Guettard township - 45 miles west of the mining town of Chibougamau, Quebec and 340 miles north of Montreal. The nearest permanent settlement to the property is the town of Chapais, 28 miles to the southeast. The Chapais-Chibougamau area has been a mining district since the early 1950s. In 1960, the area became the first copper producing region in eastern Canada. Chibougamau is best known for its copper mining with cumulative production greater than 2.5 billion pounds. However, it has also produced 4.3 million ounces of gold, with 1.26 million ounces coming from the Joe Mann mine. The Grizzly-Kellar property is located 83 km northwest of the Joe Mann mine.\nThe Grizzly-Kellar property is comprised of 120 contiguous claims covering an area approximately 6,270 hectares (approximately 15,490 acres). The property lies along an east-west trending regional fault zone that marks a major volcanic-sedimentary rock contact.\nA recent logging road program provided access to the area where local prospectors Messrs. Bouchard and Lamothe discovered widespread alteration (carbonatization-silicification) and mineralization (arsenopyrite, pyrite) occurring in sheared gabbro and feldspar porphyry. Grab samples from the two lithologies returned gold assays up to to 5.1 g/t Au.\nThe principal gold-showing on the property occurs in a quartz vein cutting volcanic rocks of acidic to intermediate composition which is sideritic in place. This gold-bearing quartz vein varies in width from a few inches to 5 feet and has been traced in the main trench for a distance of approximately 300 feet. It has a vertical or near vertical dip and strikes north 25 degr...