Business
Sage options Jacobus copper-nickel property, Beardmore, Ontario
Sage options Jacobus copper-nickel property, Beardmore, Ontario.
About this update from Sage Potash Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol - TSXV: SGX\n\nTORONTO, May 19 /CNW/ - Sage Gold has completed an option agreement with\nN.W.T. Copper Mines Limited to earn a 100% interest in the Jacobus property\nlocated near Beardmore Ontario. The option agreement includes total cash\npayments of $75,000 and a total work commitment of $325,000 over a three year\nterm to earn into a 100% interest in the property. The vendor retains a 2% Net\nSmelter Return on base metals and 3% for precious metals. Sage can repurchase\n1% of the royalty interest for $1 million.\nThe Jacobus property is located in the northwest corner of Elmhirst\nTownship and consists of 9 claims, totaling 14 units. The Jacobus Cu-Ni\ndeposit is hosted by a differentiated, layered gabbroic sill intruding\nmassive, porphyritic flows of dacitic to rhyodacitic composition.\nDrilling by Chesterville Mines in 1971 outlined a copper-nickel resource\nof 1 million tons grading 0.94% combined Cu+Ni. (Canadian Mines Handbook, \n2003-2004, p.340). The Jacobus deposit is cylindrical in shape, dips at ~45\ndegrees and plunges to the northwest at ~45 degrees. It has been traced over a\nstrike length of 3000 ft. The mineralized zone varies in thickness from 40 ft\nto 150 ft.\nIn 1993 diamond drilling by SEG Exploration Inc. substantially expanded\nthe mineral potential on the property beyond the 1971 resource figures.\nResults from two holes are as follows:\n>\n\n\n","length":6920,"tagName":"div"}]