Business
Uragold and Fancamp Sign a Letter Of Intent Regarding the Acquisition of 32 Claims Covering the Section of the 6.5 KM Long Historical Beauce Paleoplacer Gold Channel not Owned by Uragold
(via Thenewswire.ca) Montreal, Quebec / TNW-ACCESSWIRE / September 17 2014 / Uragold Bay R...
About this update from Hpq Silicon Inc
[{"type":"text","content":"Uragold and Fancamp Sign a Letter Of Intent Regarding the Acquisition of 32 Claims Covering the Section of the 6.5 KM Long Historical Beauce Paleoplacer Gold Channel not Owned by Uragold(via Thenewswire.ca)\n\n \nMontreal, Quebec / TNW-ACCESSWIRE / September 17 2014 / Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR) is pleased to announce that it has signed a letter of intent with Fancamp Exploration Ltd. (\"Fancamp\") (TSX Venture: FNC) regarding the acquisition of 32 claims encircling Uragold's Beauce Placer Gold Project located in the municipality of Saint-Simon-les-Mines in the Beauce region of southern Quebec.\n\n\n \nUragold's current Beauce paleoplacer project, 5 claims situated between the Rang Chaussegros and the Rang Gustave, covers only twenty-six percent (26%) of the entire historical paleoplacer gold channel. When the transaction closes, Uragold's claims block will cover the full 6.5 km long historical Paleoplacer gold channel.\n\n \n \n\n\n\nClick Image To View Full Size\n\n\n\n \n \nFigure 1. Historical Paleoplacer identified by Beauce Place Company in 1959 (Orange). Uragold original Beauce Claims (Blue). Zones were Uragold delineated an Inferred Resources in Mars 2014 (Thick Orange). Fancamp Claims subject to Letter of intent (Red).\n\n\n \nIn 1959, the Beauce Placer Gold Mining Company defined a drilled historical resource of 168,952 Au oz (12,978,710 m3 @ 0.405 g/m3) (June, 1959 - GM08785) on a channel defined as ranging from Rang St-Charles through to Rang Delery, Rang Chaussegros, Rang St-Gustave all the way to Rang 6. (V. Stuart-Williams, Beauce Placer Property NI 43-101 Technical Report, February 2014). All information such as resources estimates and grades herewith presented is historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 and as such does not meet National Instrument 43-101 reporting standards. The historical estimate should not be relied upon until the Company can confirm them.\n\n\n \nStudies by Uragold of the auriferous basal till and the underlying saprolite suggest a close proximity source of gold, and since the acquired claims cover an extensive area of the Gilbert river valley this increases the chances that the unknown Bellechasse / Timmins type deposit mentioned in our March 27, 2014 press release will be f...