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VenCan Gold Corporation To Acquire Hydrothermal Gold Property in Immediate Proximity to Lake Shore Gold Deposit in Timmins, Ontario
TORONTO, Oct. 7 /CNW/ - VenCan Gold ("Vencan" or the "Company") (TSX-V:VCG) is pleased to announc...
About this update from Rpx Gold Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 7 /CNW/ - VenCan Gold ("Vencan" or the "Company")\n(TSX-V:VCG) is pleased to announce it has entered into a Letter of Agreement\nwith a group of land vendors ("Vendors") pursuant to which Vencan has agreed\nto acquire a 100% undivided right, title and interest in a new land position\none (1) kilometre east of Lake Shore Gold's "Timmins West" (Holmer) Gold\nDeposit in the Porcupine Mining Division of Northern Ontario.\n\n\nThe new property, "Costello" consists of approximately 9 claim units\ntotalling approximately 160 hectares in the Bristol Township of the Porcupine\nMining Division of Northern Ontario, located approximately 18 kilometres due\nwest of Timmins Ontario.\n\n\nKirk McKinnon, President and CEO of VenCan Gold stated, "We are very\npleased to have concluded a Letter of Agreement outlining the principle terms\nof an agreement between VenCan and this seasoned and very knowledgeable group\nof local prospectors and geologists. They are very familiar with the Property\nand possess an in-depth understanding of the area. The current market\nconditions have allowed us to capitalize on this opportunity, and acquire a\nland position in immediate proximity to Lake Shore's Timmins West gold\ndeposit, which is slated to open for production in 2009. This arrangement\nreflects VenCan's ongoing dedication to making a gold discovery in this high\nproducing gold area."\n\n\nCostello Property Situated in a Gold Mineralized Environment\n\n\nThe Costello Property occurs immediately to the east of Lake Shore Gold's\nnew Timmins West (Holmer) gold deposit that is currently under active\ndevelopment (shaft sinking).\n\n\nHadyn Butler, P.Geo., commented, "Gold mineralization in a quartz vein is\nfound on a single outcrop with sulphide and tourmaline mineralization similar\nto the discovery outcrop at Timmins West surrounded completely by swampy flat\nland - the clay belt remains of a late Ice Age lake bed. This former lakebed\nhides a number of major gold deposits in the Porcupine Gold Camp (e.g., those\nin Hoyle Township). Like Timmins West, the Costello Property's land position\nhas been neglected historically and is probably similar to the mineralized\nsystem that hosts the Timmins West deposit along and beside the Bristol fault\n- a structure that is pa...