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Berkwood announces TSX Venture Exchange has accepted for filing Additional Peter Lake Claims Option in Quebec
(via Thenewswire.ca) Vancouver, B.C., November 6th, 2012 - Berkwood Resources Ltd. (TSX-V: ...
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[{"type":"text","content":"\nBerkwood announces TSX Venture Exchange has accepted for filing Additional Peter Lake Claims Option in Quebec\n\n(via Thenewswire.ca)\n\n \nVancouver, B.C., November 6th, 2012 - Berkwood Resources Ltd. (TSX-V: BKR) (the \"Company\" or \"Berkwood\") announces that the TSX Venture Exchange has accepted for filing the property option agreement dated Nov. 1, 2012, between Berkwood Resources Ltd. and two individuals (the \"Vendors\") whereby Berkwood has been granted an option to acquire a 100-per-cent interest in an additional 53 claims (the \"Property\") adjoining the Peter Lake Copper Property, located near Mont-Laurier, Quebec. Consideration is $160,000 and 750,000 units and 1.5 million common shares payable over eighteen months. Each unit comprises one common share and one common share purchase warrant that is exercisable into a common share at $0.10 per share for a 24 month period. Upon exercise of the option the Company shall pay the vendor a net smelter royalty or equivalent of 2 per cent on all metals produced from the property with the right to buy back 1 per cent at any time for $1-million subject to further exchange review and acceptance.\n\n \n \nThe Peter Lake Property: \n\n \n \nThe Peter Lake Property now consists of 107 contiguous claims increasing the total size to 5086 Ha. The Peter Lake Property is located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec. The Property lies within a sequence of metasedimentary rocks, felsic intrusives and gabbros. Copper-Nickel mineralization in the area has been traced by prospecting for more than 2 km within late gabbroic dykes along northeast controlling structures. Recently six check grab samples were collected from the two main mineralized zones at Peter Lake and returned assays ranging from 0.42% to 22.83% Copper and 0.13% to 0.73% Nickel as well as elevated gold, silver and cobalt values. \n\n \n \nA phase 1 exploration program is underway on the property consisting of channel sampling and preparation for Bulk Sampling. The planned Bulk Samples are to be taken from the mineralized zones (about 2,000 tonnes) for metallurgical testing, and to determine bulk copper and nickel grades for comparison with mean channel sampling grades to guide future work. \n\n \n \nBerkwood recently commenced construction, upgrading and extending existing access roads on th...