Business
Champion Bear acquires Alcona gold property in Dryden area
Champion Bear acquires Alcona gold property in Dryden area.
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"\n\n\n\n(TSX Venture: CBA)\n\n\nCALGARY, June 28 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear")\nis pleased to announce that it has entered into an agreement to acquire a 100%\ninterest in four claims (35 units) located in the Sioux Lookout Mining\nDivision, Ontario and known as the Alcona Gold Property. The property is\nlocated approximately 80 kilometres northeast of Dryden and lies within the\nsame greenstone formation which hosts Champion Bear's Plomp Farm Gold\nProperty. The property includes the former Alcona Gold Mine which was active\nfrom 1936 to 1937. It has a 325-foot (99-metre) shaft with levels cut at\n180 feet (55 metres) and 305 feet (93 metres). Operations were suspended in\n1937, due to depressed markets. Sporadic exploration since the early 1990s has\nidentified a number of other gold showings on the property.\n\n\nChampion Bear paid the owner of the mineral claims $25,000 upon execution\nof the agreement and will earn a 100% interest in the property upon paying the\nowner $15,000 and incurring $14,000 in expenditures on the property, on or\nprior to each of the first, second, third and fourth anniversary dates of the\nexecution of the agreement. The owner of the mineral claims has retained a 2%\nNSR, one-half of which may be purchased by Champion Bear for $1,000,000.\n\n\nPrior to completing the acquisition of the property, Champion Bear\nengaged Watts, Griffis and McOuat Limited ("WGM") to carry out a due diligence\nsite visit to characterize the geological environment and confirm the\nmineralization. Grab samples were collected by WGM senior geologist J. Smolen\nP. Geo., at several trench and outcrop locations along a 300 metre strike\nlength immediately northwest of the former Alcona mine shaft. See Table 1 -\nWGM Grab Sample Locations on Alcona Gold Property.\n\n\nVery strong gold and silver values up to 84.2 g Au/t and greater than\n100 ppm Ag were encountered in three of the 15 samples. See Table 2 - Assay\nResults - WGM Grab Samples on Alcona Gold Property.\n\n\nGold mineralization on the property for the most part is associated with\ngalena, sphalerite, chalcopyrite and pyrite in quartz veins along a\nshear/fault structure between gabbroic meta-sedimentary rocks locally intruded\nby diorite and quartz porphyry.\n\n\n Table 1 - WGM Grab Sample Locations on Alcona Gold Propert...