Business
Gold Bullion Acquires Interest in High-Grade Gold Target Next to Past Producing Silver Mine
(via Thenewswire.ca) June 30, 2016 / TheNewswire / Gold Bullion Development Corp. (TSX...
About this update from Granada Gold Mine Inc.
[{"type":"text","content":"Gold Bullion Acquires Interest in High-Grade Gold Target Next to Past Producing Silver Mine(via Thenewswire.ca)\n \n \nJune 30, 2016 / TheNewswire / Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the \"Company\" or \"Gold Bullion\") is pleased to announce that it's acquiring a 50% interest in a high-grade gold exploration target, the newly-named \"Castle Golden Corridor Zone\", that forms part of the Castle Silver Property owned by Takara Resources Inc. (\"Takara\") in the heart of a major past producing silver camp. \n\n \n \nGold Bullion and Takara will now jointly and immediately advance this early-stage surface gold discovery surrounded by excellent infrastructure. This zone has been determined to be in a geological setting similar to that of Kirkland Lake, 75 km to the northeast, which has produced more than 40 million ounces of gold. \n\n \n \nThe Castle Golden Corridor Zone, initially discovered through a train of sulphide-rich boulders extending from the north shore of Miller Lake, occurs within highly altered Archean rocks and is part of a distinct east-west regional gold trend that stretches for at least 150 km. This trend is confirmed to cut through the Castle Property and the Gowganda mining camp which historically were only explored for very high-grade silver within the Nipising Diabase. The Castle Silver mine, less than 1 km from the Golden Corridor Zone, operated intermittently between 1917 and 1989 and contributed approximately 22 million ounces of silver production to the more than 60 million ounces of silver mined historically in the Gowganda Camp. \n\n \n \nBoulder tracing, channel sampling, trenching, geophysics, and MMI soil surveys showing structurally aligned anomalies, all suggest that the Castle Golden Corridor Zone, currently defined over a distance of 800 meters, is prospective for a high-grade hydrothermal-related gold system with copper to a depth of approximately 300 meters. \n\n \n \nA widespread gold mineralized system over a strike length of 1.25 km has been identified at the adjacent Transition Metals' Gowganda Gold Project, 2.4 km to the west, and includes high-grade drill intercepts from a discovery initially made in 2010 on a property that had no previous record of gold exploration. \n\n \n \nFrank Basa, Gold Bullion President and CEO, commented: \"The gold potential of this cam...