Business
Nomad Ventures Inc. options a silver-lead-zinc property from Nouveau Monde Mining Enterprises
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED ST...
About this update from Magma Silver Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR\n INTO THE UNITED STATES/ \n\n\nTSX Venture Exchange: NMD\n\n\nVANCOUVER, March 1, 2013 /CNW/ - Nomad Venture Inc. (\"Nomad\") is pleased to announce that it has been granted an option to acquire\n a 75% undivided interest in Nouveau Monde Mining Enterprises Inc. (\"Nouveau Monde\") (TSX-V:NOU) Mac's Lead property which is located about 60 km\n north-east of the locality of Kuujjuarapik, Québec (the \"Agreement\").\n The Mac's Lead property is recognized by the USGS as one of 38 known\n Mississippi Valley type (MVT) deposits in the world. Nouveau Monde will\n act as the operator for all exploration programs on the Mac's Lead\n property during the time of the Agreement.\n\n\nIn order to acquire its 75% undivided interest in the Mac's Lead\n property, Nomad must pay Nouveau Monde a total of $150,000 in cash,\n issue 6.5M shares of Nomad to Nouveau Monde and incur up to $3,000,000\n of exploration expenditures on the property.\n\n\nThe Mac's Lead property is composed of 59 active mining claims covering\n 2,863 in the NTS map sheets 33N11, 33N14 and 33N15. Shipments of galena\n by the Hudson Bay Company to England have been recorded in the middle\n and late parts of the 18th century from a small deposit located close to the Little Whale River in\n the same geographical area as the property (Quebec Statutory Work\n Report GM18170). Historical results (non NI 43-101 compliant) from two\n trenches done in 1965 by the Shawinigan Mining and Smelter Company, as\n reported in GM19016 Quebec Statutory Work Report were reported to grade\n 6.21% Pb, 1.28% Zn, 0.17 % Ag and 4.46% Pb. 0,38% Zn, 0.13% Ag,\n respectively.\n\n\nDuring the third quarter of 2012, Nouveau Monde conducted a\n reconnaissance program which had as an objective the confirmation of\n the historical grades and to initiate the geological evaluation of the\n property. In total, seven historical trenches were confirmed. These\n trenches have a total strike length of three kilometers. A continuous\n stromatolitic limestone formation with abundant visible sulphide\n mineralization was observed by Nouveau-Monde geologists along the\n entire prospective length. The three best sampled locations samples\n returned: 17.65% Pb, 1.65% Zn, and 33 g/t Ag; 3.23% Pb, 4.37% Zn, and\n 11g/t Ag; and ...