Lund Acquires Gold Property in Schreiber-Hemlo Greenstone Belt, Ontario
15 7월 2008 - 10:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("Lund") is pleased to announce that
it has entered into an option agreement, subject to regulatory
approval, to acquire a 100% legal and beneficial interest in 9
contiguous unpatented mining claims (76 units, 1216 hectares) known
as the Blackfox Property, located within Tuuri Twp., Thunder Bay
Mining Division, Ontario in the Schreiber-Hemlo Greenstone Belt.
The claims are optioned from a syndicate of Thunder Bay area
prospectors, ("Prospectors").
In order to acquire a 100% interest subject to a 2.5% Net
Smelter Royalty, Lund is required to:
1. Make cash payments to the Prospectors totaling $85,000 over 3
years including an initial $25,000 payment.
2. Issue to the Prospectors an aggregate of 300,000 common
shares of Lund including 100,000 shares upon regulatory approval,
100,000 shares on the first anniversary and 100,000 shares upon a
positive feasibility study.
In addition, Lund can purchase a 1% portion of the NSR at any
time by making a cash payment of $1 million to the Prospectors.
The Schreiber-Hemlo Greenstone Belt is host to the 25 million
ounce Hemlo gold deposit - one of Canada's largest gold producers -
located 70 kilometres to the east. Gold mineralization at Hemlo
averages 8 g/t, occurs in several zones totaling greater than 95
million tonnes, extends over a 3.7 km lateral extent and greater
than 1.5 km deep.
The Blackfox Property contains extensive alteration zones up to
hundreds of metres wide characterized by intense
quartz/sericite/pyrite and quartz/fuchsite/pyrite schists
associated with shearing which is parallel and sub-parallel to
regional structures, and locally associated with gold
mineralization.
Despite its easily accessible location (the Trans Canada
highway, a national rail line and a major power transmission line
cross the Blackfox Property) only sporadic gold exploration has
taken place since the 1890's. Prospector interest resurfaced after
Operation Treasure Hunt in 2000 when the Ontario Ministry of
Northern Development and Mines ("MNDM") performed regional airborne
geophysical surveys over the region. This work led to the discovery
by prospectors of gold showings with associated alteration zones
along a greater than 2-kilometre south west regional trend crossing
the Blackfox Property. Of particular note is the discovery of high
grade gold float located along this trend, near the centre of the
Blackfox Property, where sampling and assaying by the Ontario MNDM
office in Thunder Bay returned consistent results ranging from 165
to 189 g/t gold. The hydrothermally altered float samples (silica,
sericite and iron carbonate with pyrite) consisted of fragile
angular blocks that are assumed proximal to their source
location.
Lund is planning an initial program of geological mapping,
detailed prospecting, geochemical surveying, trenching and IP
geophysical surveying to be followed by diamond drilling. This
program will start as soon as crews can be mobilized.
To find out more about Lund Gold Ltd. (TSX VENTURE: LGD), visit
our website at www.lundgold.com.
On behalf of the Board of Directors of LUND GOLD LTD.
Chet Idziszek, President
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
plans and our other future plans and objectives, are
forward-looking statements that involve various risks and
uncertainties. Such forward-looking statements include, without
limitation, estimates of exploration investment and the scope of
exploration programs. There can be no assurance that such
statements will prove to be accurate, and future events and actual
results could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from our expectations are disclosed in the
Company's documents filed from time to time via SEDAR with the
Canadian regulatory agencies to whose policies we are bound.
Forward-looking statements are based on the estimates and opinions
of management on the date the statements are made, and we do not
undertake any obligation to update forward-looking statements
should conditions or our estimates or opinions change.
Forward-looking statements are subject to risks, uncertainties and
other factors, including risks associated with mineral exploration,
price volatility in the mineral commodities we seek, and
operational and political risks. Readers are advised not to place
undue reliance on forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS RELEASE.
Contacts: Lund Gold Ltd. David Scott Investor Relations (604)
331-8772 or Toll Free: 1-877-529-8475 (604) 331-8773 (FAX) Email:
dscott@mine-tech.com Website: www.lundgold.com
Lund Enterprises Corporation (TSXV:LGD)
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Lund Enterprises Corporation (TSXV:LGD)
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