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Kings Bay Gold Signs Joint-Venture Earn-In Agreement with Mainstream Minerals on Mo, Cu, Co, Ni, Zn, Ag, Au, Pd, Pt Project
(via Thenewswire.ca)
About this update from Lion Rock Resources Inc
[{"type":"text","content":"Kings Bay Gold Signs Joint-Venture Earn-In Agreement with Mainstream Minerals on Mo, Cu, Co, Ni, Zn, Ag, Au, Pd, Pt Project\n\n(via Thenewswire.ca)\nJune 19 2008 - King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce, subject to regulatory approval, that it has entered into a joint venture earn-in agreement with Mainstream Minerals Corporation (TSX.V: MJO) to acquire a 50% interest in the Phyllis Lake Project.\n\nSummary of the Phyllis Lake Project\n\nThe Phyllis Lake high-grade Molybdenum / Copper Project is comprised of 12 claims totalling 64 claim units (2,560 acres) and is located near the Town of Ignace, Ontario. The property is accessible via the TransCanada Highway and a logging road.\n\nA stripping program carried out by heavy equipment has recently uncovered large zones with impressive widths and strike lengths. Surface sampling has also yielded high-grade results that both companies believe could possibly be the beginning of a large mineral discovery on a new project that has never been explored before.\n\nSurface sampling of this project has yielded results as high as:\n\n0.690 % Molybdenum (Mo), 2.192 % Copper (Cu), 0.415 % Cobalt (Co), 0.393 % Nickel (Ni), 0.100 % Zinc (Zn), 9.60 g/t Silver (Ag), 2.81 g/t Gold (Au), 2.50 g/t Palladium (Pd) and 1.20 g/t Platinum (Pt).\n\nA 3 metre channel sample from a zone with a strike length of approximately 500 metres returned high-grade values of 0.677 % Molybdenum.\n\nSome of these metals are very valuable, for example, and in US dollars:\n\nMoly is currently trading at over $33.00 per pound (lb)\n\nCobalt at over $48.00/lb\n\nNickel at over $9.90/lb\n\nCopper at approximately $3.70/lb\n\nZinc at approximately 0.82/lb\n\nGold at approximately $900.00 per ounce\n\nSilver at over $17.00 per ounce\n\nPalladium at over $470.00 per ounce\n\nPlatinum at over $2,000.00 per ounce\n\nSource: www.kitco.com\n\nBase metals values are reported in percentages. For example, one percent (1.000 %) is equivalent to approximately 22 pounds (lbs) per metric tonne.\n\nEast Zone Number 1\n\nOf special interest is a newly uncovered VMS zone with a width of approximately 60 metres with a visible strike length of approximately 500 metres. The main mineralization is Copper, Zinc, and Molybdenum. A 3 metre channel sample taken within this zone returned values of 0.677 % Molybdenum.\n\nThe bord...