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Upper Canada Gold Announces Agreement to Acquire Pine Tree-Josephine Property in Mariposa, California
Upper Canada Gold Announces Agreement to Acquire Pine Tree-Josephine Property in Mariposa, Cal...
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[{"type":"text","content":"\nUpper Canada Gold Announces Agreement to Acquire Pine Tree-Josephine Property in Mariposa, California\n\nUpper Canada Gold Announces Agreement to Acquire Pine Tree-Josephine Property in Mariposa, California\nNOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES\nToronto, Ontario CANADA, January 26, 2012 /FSC/ - Upper Canada Gold Corporation (UCC - TSX Venture), (\"Upper Canada\" or \"the Company\") (TSXV: UCC), announces that the Company has entered into a definitive purchase and sale agreement with the owner (the \"Vendor\") of a fee simple interest (subject to a 3% net smelter royalty) of approximately 3,350 acres (part of the Rancho Las Mariposa Land Grant) located 15 miles north of Mariposa, California and known as the Pine Tree-Josephine Property (the \"Property\") under which Upper Canada will acquire the Vendor's interest in the Property.  The Property includes the Pine Tree-Josephine Deposit which covers a two and a half mile (4 km) segment of the Mother Lode vein system, which consists of en echelon quartz veins, silica-ankerite alteration zones and ultrabasic intrusive associated with the Melones Fault Zone.  Upper Canada may designate any date up until January 16, 2013 to close the acquisition of the Property.\nWithin the Property, four gold bearing alteration zones have been identified along the fault zone, the most significant of which is the Pine Tree-Josephine deposit. This deposit was developed extensively during previous mining activity and was further delineated during a surface reverse circulation drilling program from 1985 to 1986 (65,158 feet), which probed the deposit over 2,700 feet of strike length to a depth of 900 feet.\nAn in-situ geologic historical resource (called \"reserve\" at the time) was estimated by Derry Michener Booth & Wahl, Inc. (DMBW) in 1988. They reported in the \"drill indicated\" categories 8,290,100 tons grading 0.085 ounces per ton (opt) gold at a 0.025 opt cut off for a total of 702,184 oz Au; and in the \"drill inferred\" category they reported an additional 1,597,300 tons grading 0.078 ounces per ton gold for a total of 124,781 oz Au.  DMBW also noted the potential for a possible increase of resources in the footwall of the known mineralization where drill holes were extending through the footwall. Other historical \"reserve\" estimates were also do...