7,000 Hectare Property Contains One Km Untested Gold Trend
Valorem Resoures Inc. (CSE: VALU) has entered into and closed a definitive mineral property option agreement with WBN Prospecting Group, an arm’s length party, to acquire a 100% interest in the Wing Shear property located in central Newfoundland, Canada.
The terms of the Option Agreement call for cash payments of C$45,000 within five days of signing the agreement, C$3 million work commitments over three years, reimbursement of C$13,130 in staking fees and the issuance of 4.5 million shares of the company over a period of one year, plus a 10% finder’s fee payable in cash and shares. The Property is subject to a 2% royalty (NSR) with an option to buy back 1.5% for C$1 million.
The Property is comprised of 280 claim units covering 7,000 hectares; it covers a one km long untested gold trend located 32 km northeast of the town of Gander, Newfoundland and Labrador and is located approximately 27 km east of the Newfound Gold Inc.’s Queensway Project. The gold trend is shear zone hosted (the Wing’s Pond Shear Zone) and previous historic sampling is reported with assay results up to 12.2 g/t Au from grab samples. There has been no previous drilling in this area.
Highlights
- Regional scale land package covering deep seated structural zone parallel to the structural trend underlying Newfound Gold’s Queensway Project.
- Greenfield project with drill targets identified
- No prior drilling completed on the showing.
- The Wings Shear Property has values from grab samples of up to 12.2 g/t Au.
- The Wing’s Pond mineralized trend has been traced for a strike length of 1.0 km and channel sampling retuned values of up to 9.8 g/t Au over 1.0m from the main Wing’s Pd showing
- Additional gold mineralisation was found associated with brecciated quartz veins within the Indian Bay-Big Pond Formation. This formation is 14 km long and 1.2 km wide.
- Channel sample from this area assayed up to 1.49 g/t Au, and 0.92 g/t Au over 1.0m.
Geology
Situated in the Gander Tectono-Stratigraphic Geological Zone, the Property is underlain by the Indian Bay Big Pond and the Johnathan’s Pond formations. It hosts the regionally significant Wing’s Pond shear zone which extends for 40-km in a north northeast direction and is associated with a number of historic gold showings.
The gold is generally associated with arsenopyrite, stibnite, and base metal sulphides hosted in quartz/breccia veins.
