Business
Confederation Minerals Commences Drilling at Newman-Todd
(via Thenewswire.ca) Confederation Minerals Ltd. (Confederation) (TSX.V:CFM) is pleased to ...
About this update from Renegade Gold Inc.
[{"type":"text","content":"\nConfederation Minerals Commences Drilling at Newman-Todd\n\n(via Thenewswire.ca)\n\n \nConfederation Minerals Ltd. (Confederation) (TSX.V:CFM) is pleased to\nannounce that the exploration camp at the Newman-Todd property in Red\nLake, Ontario, is fully operational and the 2012 drill program has now\nbegun. A minimum 5000 metre drill program is planned to follow-up\nsignificant results returned from the 2011 drill program. In 2011 a\ntotal of 56 holes, totaling 24,707 metres were drilled into the Newman\nTodd Structure (NTS) along a strike length of 1.8 km (of the total\n2.2km-long mineralized NTS). All of these holes intersected gold\nmineralization and over 40% of the holes intersected gold\nmineralization grading greater than 20g/t gold.\n\n\n \nHighlights of the 2011 program include:\n\n\n \n-NT-103: 60.60 g/t Gold over 1.0 metres\n\n\n \n-NT-104: 21.60 g/t Gold over 1.5 metres,\n\n\n \n-NT-105: 1.34 g/t Gold over 46.0 metres,\n\n\n \n-NT-105W1: 1.56 g/t gold over 38.0 metres including 3.83 g/t gold over\n11.0 metres,\n\n\n \n-NT-108: 3.41 g/t gold over 27.50 metres including 145.0 g/t gold over\n0.50\n\n\n \n-NT-109: 7.11 g/t gold over 13.0 metres including 114.0 g/t gold over\n0.50 metres.\n\n\n \nFor a complete listing of drill results please refer to the company\nwebsite at www.confederationmineralsltd.com\n\n\n \nExploration work at the Newman Todd project is funded by the operator,\nConfederation Minerals Ltd. Pursuant to an option agreement with\nRedstar Gold Corp. (\"Redstar\") (TSX.V: RCG), Confederation\ncan earn a 50% interest in the project by spending $5.0 million on\nexploration, paying Redstar a total of $250,000, and issuing Redstar\n500,000 shares by November 2013. To date Confederation has spent in\nexcess of $5.0 million dollars on exploration of the project, paid\nRedstar $100,000 and issued 200,000 shares. Confederation can earn an\nadditional 20% by producing a Preliminary Economic Assessment (PEA) by\nNovember 2016.\n\n\n \nThe 2012 drill program will initially focus on the central part of the\nNewman Todd Structure (\"NTS\"), termed the \"Hinge\nZone\". NTS is a large scale gold bearing structure, with\nsignificant widths of iron-carbonate alteration, silicification,\nsulphide and magnetite replacement zones which can contain high-grade\ngold mineralization. This style of alteration is recognized at ...