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Kings Bay Gold Signs Agreement with New Moon Minerals on Devil Lake High Grade Gold Project, Saskatchewan
Kings Bay Gold Signs Agreement with New Moon Minerals on Devil Lake High Grade Gold Project, Sask...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Signs Agreement with New Moon Minerals on Devil Lake High Grade Gold Project, Saskatchewan\n\n\n May 28, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V-KBG) is pleased to announce, subject to regulatoryapproval, that it has entered into an agreement with New Moon Minerals Corp. to acquirea 50% interest in the high-grade gold Devil Lake project, located in the La Ronge Area, Saskatchewan.The Devil Lake project is located approximately 90-km northeast of La Ronge Saskatchewan, 10 km north of the Village of Missinipe, and is directly accessible by highway 102. The property comprises 3 claims (919 hectares) covering gold showings discovered by Durama Enterprises Ltd. during 1995 and 1996 exploration programs. The property is adjacent to Golden Band Resources Inc.'s Bingo deposit where underground work is underway. The project is also close to the licensed Jolu Mill which is expected to commence processing gold in late 2010.The property contains several gold showings, the two best so far being the Pit and SW-2 zones, which are part of a single trend made up of several parallel to sub-parallel mineralised units or structures that have been drill traced for over 400 metres. The initial discovery at the Thomas Pond showing was found in a northeast trending protomylonitic granodiorite plug with shear hosted quartz or quartz-calcite stringers containing pyrite and pyrrhotite.Soil sampling, prospecting, trenching and sampling was completed on the property in 1995. Overburden removal was carried out to expose six trenches being (PIT, PIT-NE, SW-1, SW-2, Knob and B-1), which were mapped, grab sampled and channel sampled. Channel samples returned up to 12.69 g/ton Au over 0.60 m, 18.55 g/ton Au over 0.75 m, 77.81 g/ton Au over 0.25 m and 22.36 g/ton Au over 1.0 m.Two small shallow drill programs, amounting to 1071 m in 29 holes were carried out. Better intersections included 2 m grading 15.12 g/t Au, 0.50 m of 14.57 g/t, 4.0 m of 7.65 g/t Au, 0.40 m grading 15.67 g/t Au and 0.30 m of 13.58 g/t. Visible gold was found in 9 drill holes.The SW-2 zone has only been drill tested to a vertical depth of around 50 metres so far and is open in both strike directions and down dip. The Pit Zone has only been drill tested to about 45 metres in depth. All the sampling and analytical results above have not been confirmed or co...