Business
Marum purchases Angelina property in Manitoba
Marum purchases Angelina property in Manitoba.
About this update from Strikepoint Gold Inc.
[{"type":"text","content":"\n\n\n\n\nTSX Venture Trading Symbol \"MMU\"\nSEC 12g(3) Exemption 82-4100 \nStandard & Poor's Corporate Manual Listing\n\nCALGARY, March 6 /CNW/ - Marum Resources Inc. (MMU: TSX.V) announces that\nit has entered into an agreement with Gossan Resources Limited (GSS: TSX.V) to\npurchase a 100% interest the Angelina property in Manitoba's Rice Lake Gold\nbelt. With the acquisition of the Angelina property, Marum holds 10 properties\nin the Rice Lake gold belt. Two of the properties, the West Rice Lake and\nBeresford Lake properties are optioned to San Gold Corporation (SGR: TSX.V)\n(50/50 interest, Press Releases of August 19, 2005 and October 3, 2005) and\none property, the Gem property, is optioned to Grandview Gold inc (GVGI: CNQ)\n(50/50 interest, Press Release September 30, 2005).\nThe agreement with Gossan provides for Marum to purchase a 100% interest\nin 16 claims comprising the Angelina property by paying to Gossan 500,000\nshares of Marum and issuing to Gossan 400,000 share purchase warrants\nexercisable for two years at a price of $0.15 per share. Gossan shall retain a\n2.0% net smelter return royalty on production from the property, subject to a\nbuy-back of one half of the royalty (1.0%) for a cash payment of $1,000,000.\nThe terms of this agreement are subject to the approval of the TSX Venture\nExchange.\nThe Angelina property is located at the eastern end of the Rice Lake Gold\nBelt that has produced 1.7 million ounces of gold. The belt is currently\nexperiencing a revival as a result of San Gold Corporation putting two gold\nmines into production in the central part of the belt, 27 kms to the west of\nthe Angelina property. The Angelina property is situated between the Cryderman\ndeposit and the Central Manitoba Mine, a past producer with historic\nproduction between 1927 and 1937 of 159,252 ounces of gold averaging 0.35 oz/t\n(12 g/tonne).\nStructural interpretation and geological mapping have identified a major\nNW-SE trending shear system extending up to 1 km in width that can be traced\non the Angelina property along strike in excess of 2 kms. Quartz veining,\nsulphide and gold mineralization occurs in association with a series of shear\nzones and folds comprising each system.\nIn 2004, Gossan contracted a 542 line-km airborne, high density, low-\nlevel magnetic and electromagnetic survey on and around the...