Business
Omineca Completes Reverse Take-Over Acquisition of CVG Mining
Omineca Completes Reverse Take-Over Acquisition of CVG Mining Cranbrook, British Columbia CA...
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":"Omineca Completes Reverse Take-Over Acquisition of CVG MiningOmineca Completes Reverse Take-Over Acquisition of CVG Mining \nCranbrook, British Columbia CANADA, October 16, 2013 /FSC/ - Omineca Mining and Metals Ltd.(\"Omineca\", TSX-V:OMM), is pleased to announce that it has successfully completed the acquisition of CVG Mining Ltd. through a reverse take-over (\"RTO\") transaction originally announced October 5th, 2012. Shareholder approval for the arrangement was received at the company's AGM on September 5th, 2013. \nAbout the Wingdam/Lightning Creek Project \nThe 2700 ha Wingdam/Lightning Creek Project is located 35 km east of Quesnel, B.C., and provides a unique opportunity for Omineca to acquire near-term placer gold production in a proven mining district. The property overlies both placer and hard-rock tenures along the Deep Lead Channel of Lightning Creek, where topographic conditions have created a deep overburden accumulation which effectively resulted in a large portion of the channel being excluded from conventional surface placer mining activity. On the Wingdam property, drilling and previous geophysical surveys indicate that the Deep Lead Channel may occur throughout the entire 2.4km length of the Wingdam placer tenures, extending upstream and downstream an undetermined distance. Numerous attempts have been made to mine the Deep Lead Channel in the Wingdam area since the late 1880s, but all were hampered by an influx of water and unstable ground conditions and were ultimately abandoned.  \nIn 2012 CVG successfully completed a crosscut drift 23.5m across the Deep Lead Channel along the bedrock/gravel interface, using the Australian deep-lead mining method combined with a ground-freeze method. This effort not only proved the applicability of the freeze method, but also provided a bulk sample whereby \"the gold recovered from the 23.5-meter drift advance across the paleochannel true width amounted to 173.495 ounces of raw placer gold (900 fineness) from 140 bank cubic meters. The refined-equivalent gold grade across this width amounted to 34.55 g/m3 or 0.453 oz/tonne. The grade across a central portion of the paleochannel totaling 14.8 m (3.8 to 18.6m) averaged 46.30 g/m3 or 0.608 oz/tonne\" (S. Kocsis 43-101 technical report, Oct, 2012).\nThe abundance and physical nature of the placer gold recovered during...