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Sage options Lincoln gold property in Beardmore, Ontario historical high grade gold channel samples
Sage options Lincoln gold property in Beardmore, Ontario historical high grade gold channel samples.
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 Lincoln gold\nproperty located near Beardmore, Ontario. The option agreement includes total\ncash payments of $75,000 and work commitments of $325,000 over a three year\nterm to earn into a 100% interest in the property. The vendors retain a 3% net\nsmelter return royalty on precious metals and a 2% on base metals. Sage can\nrepurchase 1% of the royalty for $1 million.\nThe Lincoln Gold Property comprises 10 claims (63 units) and is located\nin Gzowski Township east of Beardmore. There are two small shafts (north and\nsouth) of 50 feet and 22 feet respectively in vertical depth. In 1974-75\nWestburne - G.P. Drilling Limited completed geological mapping, a ground\nmagnetometer survey and a limited program of shallow drilling, with the\nresults as follows: Hole 75-1: 0.145 oz Au/t over 15 ft.; Hole 75-2: 0.145 oz\nAu /t over 3 ft and Hole 75-4: 0.10 oz Au/t over 1.5 ft. In 1999 and 2000 the\nowners completed a program of chip and grab sampling. Eight grab samples\nranged from 0.235oz/t to 4.03oz/t. A channel sample yielded 0.61oz Au/ton\nacross 13.12 feet (including 0.974oz Au/ton gold across 8.86 feet). During\n2003 an evaluation program consisting of prospecting, geological mapping, a\ngeochemical soil survey, mechanical trenching, channel sampling and 11 short\ndrill holes totaling 1000 m was completed by Kodiak Exploration Ltd. and\nInternational Taurus Resources. Results include 0.89 g/T Au over 12.6 m below\nthe south shaft from Hole LP03-11, and 1.39 g/T Au over 20 m from Hole LP03-\n04.\nGold mineralization occurs both in vein and adjacent wall rock as a\ncarbonate chlorite horizon at the contact between pillowed volcanics and\nchlorite tuffs. The gold mineralization is associated with a zone of iron\ncarbonate - chlorite - silica alteration and enrichment, with disseminated\npyrite with chalcopyrite and is adjacent to tuff/chert units that plunge NNW.\nSage intends to complete digital compilation of historical data prior to\na summer field program of mapping and channel sampling across the breadth of\nthe alteration zones. A fall drill program will concentrate on following the\nmineralization along strike and down dip, with drilling carried out\nperpe...