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United Bolero options Arcadia gold deposit, Nunavut
United Bolero options Arcadia gold deposit, Nunavut.
About this update from Canada Carbon, Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, BC, Jan. 19 /CNW Telbec/ - United Bolero Development Corp.\n(the \"Company\" or \"United Bolero\") (TSX-V: UNB) is pleased to announce it has\nentered into a Letter of Intent to acquire an option to purchase 50% of the\nArcadia Property, a 1,280-hectare area of Inuit-owned land located in Canada's\nNunavut territory from Mountain Capital Inc. Under the option agreement, the\nCompany will pay Mountain Capital $15,000 plus 75,000 common shares of United\nBolero as well as complete $600,000 worth of exploration work over the next\ntwo years at Arcadia. This deal is subject to the approval of NTI with respect\nto the Arcadia Property as well as the TSX Venture Exchange.\n\n\nThe Arcadia Bay project represents an Archean lode-gold deposit located\non the Arctic Ocean in Canada's Nunavut territory, west of Bathurst Inlet and\n140 kilometres west of Miramar Mining's Hope Bay greenstone belt. The Property\nhas a historic resource estimate of 640,650 tonnes averaging 7.2 g/t gold\n(containing about 148,000 oz. gold) in the North Central Vein and 139,524\ntonnes averaging 8.6 g/t gold (or 38,600 contained oz. gold) in the Fred Vein\nhave been reported. These resource estimates were completed prior to 2001 and\nNI 43-101, have not been independently audited and should therefore not be\nrelied upon.\n\n\nHighlights of historic drilling include drill intercepts up to 29.0 g/t\nAu over 5.6m and 12.0 g/t Au over 23.1m in the GHX zone, and channels up to\n30.9 g/t Au over 1.2m in the Pick Zone. Historic drilling was generally\nshallow and closely spaced. R. Bruce Duncan, President and CEO states \"Arcadia\nconsists of multiple high-grade gold bearing structures located on tidewater,\nwith potential for near-term production.\"\n\n\nThe Property has been the focus of considerable exploration activity\nsince the initial discovery of auriferous quartz veins in the early 1960's.\nWork by various companies was done in three main periods: primarily\nprospecting work from 1963 to 1966, trenching and diamond drilling from 1974\nto 1981, and primarily diamond drilling from 1984 to 1989. The holdings of\nthree companies, encompassing most of the present property, were combined in\n1973 to allow coherent exploration of the previously partitioned North Central\nvein. In 1989, the Coronation Gulf Joint Venture completed the last\nsignifica...