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Brascan Gold Enters into Option Agreements to Acquire Mountain Pond, Birchy Lake and Miguel’s Lake Properties
VANCOUVER, British Columbia, March 03, 2022 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (CSE:BRAS), together with its subsidiary Baie Verte Resources Inc., (“Brascan”
About this update from Westgold Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 03, 2022 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (CSE:BRAS), together with its subsidiary Baie Verte Resources Inc., (“Brascan” or the “Company”) is pleased to announce that they have entered into three separate option agreements (the “Agreements”) to acquire up to a 100% interest in the Mountain Pond property (the “Mountain Pond”), the Birchy Lake property (“Birchy Lake”) and the Miguel’s Lake property (“Miguel’s Lake” and, together with Mountain Pond and Birchy Lake, the “Properties”). The Properties are located in north and central Newfoundland. Property summary descriptions Mountain Pond: The Mountain Pond property comprises six adjacent licences covering 1,175 hectares and is located 6 kilometres northeast of the town of Springdale on the tide water of Halls Bay. Mountain Pond is mostly mapped as Lush's Bight Group rocks of island arc affinity. The Optionors report grab samples from a mineralized 15 m. exposure of quartz vein that yielded a high value of 23.7 grams per tonne gold (g/t Au), and 10 other samples greater than 3 g/t Au, out of a total of 17 samples. They also report that 14 of the samples were assayed for silver and copper with assays ranging from 0.4 grams per tonne silver (g/t Ag) to 28.1 g/t Ag, along with 0.026 % copper (Cu) to 0.65 % Cu. A chip sample taken across the southwest end of the exposed quartz vein assayed 8.76 g/t Au along with 12.7 g/t Ag and 0.25 % Cu over 1.2 meters. More recent geochemical sampling 300 meters south of the Mountain Pond vein identified a 500-meter-long anomalous gold in soil trend with assays returning 17 ppb. to 227 ppb. Au. This anomalous area remains untested. The Optionors report that a separate gossanous exposure approximately 2 km. southwest of the gold mineralized quartz vein described above that has alteration characteristics including a central zone of potassically-altered intrusive rocks, within a broader propylitically-altered halo, is suggestive of a porphyry type target. Birchy Lake: The Birchy Lake property comprises 3 adjacent licences covering 1,050 hectares, located 45 kilometres southwest of Springdale, at the northeast end of Birchy Lake. Birchy Lake occurs within the Dunnage geologic zone of Newfoundland and is mapped as Late Cambrian to Early Ordovician Advocate Complex ophiolite as well as Early Silurian Shefi...