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UPPER CANYON ANNOUNCES JOINT VENTURE WITH Q-GOLD
UPPER CANYON ANNOUNCES JOINT VENTURE WITH Q-GOLD
About this update from Q-gold Resources Ltd
[{"type":"text","content":"\nUPPER CANYON ANNOUNCES JOINT VENTURE WITH Q-GOLD\n\n\n Oct. 1, 2009 (TheNewswire.ca) -- Vancouver, B.C. - Upper Canyon Minerals Corp. (TSXV:UCM) (the \"Company\") announces that it has signed an Option/Joint Venture Agreement with Q-Gold Resources Ltd (TSXV:QAU) (Q-Gold). Under terms of the Agreement, the Company may earn a 49% participating interest in two large, prospective gold exploration tracts now owned by Q-Gold totalling 2,467.7 acres near Mine Centre, Ontario by meeting a total of $1.2 million of obligations as detailed below.The northern-most tract is comprised of 1,324.5 contiguous acres of Crown Mining Leases and Patents and includes the historic \"Golden Star\" and \"Isabella\" gold mines (the \"Golden Star Area\").The southern tract consists of 1,143.2 acres of contiguous Crown Mining Leases and mining claims, including the gold-bearing McKenzie Gray and Jolly Roger quartz veins (the \"Nipigon Area\").Golden Star MineIn the late 1890's, according to historical reports, the Golden Star Mine produced 10,758 ounces of gold from the #1 shaft of the \"Star\" vein, at an average gold grade of 0.56 ounces per ton (\"opt\") over a 1.1 metre vein width. Surface facilities were destroyed by a forest fire at the end of the 19th Century and production ceased. Historical estimates, circa 1939, show 10,000 tons of gold ore grading 0.45 opt remaining in the Golden Star Mine.At the Golden Star Mine property, the gold mineralization is associated with three sub-parallel northwesterly trending vein systems which occur within metavolcanic rocks. This area will be the subject of an intensive geologic investigation by the Joint Venture during its upcoming Fall/ Winter exploration program at Mine Centre.Isabella MineThe Isabella Mine consists of two quartz vein systems into which a 65 foot shaft has been sunk. Limited production of high-grade gold pockets was reported during the period 1899-1934. However, the area in and around the Isabella Mine is virtually unexplored by modern methods and remains highly prospective for gold. This area will also be targeted in the Fall program described above.Nipigon TractThe Nipigon Area consists of six Crown Leases and ten mining claims. In addition to the gold-bearing McKenzie Gray and Jolly Roger veins, the area contains large portions of the Finger Lake Fault, an intensively sheared zone over a ...