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Golden Dory Signs Letter of Intent for the Jackpot Lithium Oxide Property, Ontario
Golden Dory Signs Letter of Intent for the Jackpot Lithium Oxide Property, Ontario
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[{"type":"text","content":"\nGolden Dory Signs Letter of Intent for the Jackpot Lithium Oxide Property, Ontario\n\n\n Oct. 7, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), (\"Golden Dory\") is pleased to announce that it has signed a Letter of Intent to acquire a 100% interest (subject to a 2% NSR retained by the vendor, 50% of which can be purchased by Golden Dory for $1 million), in the Jackpot lithium oxide (Li2O) property in the Thunder Bay Mining District of Ontario. The 4 claim property is located approximately 150 kilometers northeast of Thunder Bay and is accessible by road. The property is host to the Jackpot No. 1 and No. 2 deposits of which the No. 2 deposit is reported to host 2 million tons of lithium rich pegmatite averaging 1.08% Li2O*. The No. 1 deposit lies at surface approximately 70 to 100 meters above the gently dipping No.2 deposit, and is reported to host 32,000 tons grading 1% Li2O.*(grades and tonnages are historical in nature and not 43-101 compliant).The No. 2 deposit strikes about N 65 degrees E and dips 15 degrees-25 degrees NW and has been intersected in drill holes over a minimum strike length of 210 meters and for a minimum distance of 365 meters across strike. The deposit ranges from 4.0 to 19.8 meters thick with an average thickness of 11.0 meters. Historical drill intercepts** include 1.52% Li2O over 35 feet (10.60 meters) from 240 to 275 feet (down hole depth) in drill hole 411, and 1.17% Li2O over 69.5 feet (21.2 meters) from 175.5 to 245.0 feet (down hole depth) in drill hole 407.( Assays have not been verified by Golden Dory). No assaying for rare earth elements or other rare metals was reported in any of the historical exploration results. The property was worked in 1955 when a total of 32 holes were drilled by Conwest Exploration Company Limited into the Jackpot deposits. The property was subsequently transferred to the Ontario Lithium Company in 1956, but lay dormant until recently staked by local prospectors. The property is subject to a 2% NSR and payments totaling $100,000 cash and 400,000 common shares of Golden Dory over a four year period (subject to TSX Venture Exchange approval). A finders fee of 10,000 Golden Dory shares will be paid to an arms length third party. Golden Dory plans, subject to the property acquisition, and as part of the ongoing due diligence, to compile ...