Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Vancouver’s GGL Resources Corp. announced on Tuesday Rio Tinto Exploration Canada Inc. (formerly, Kennecott Canada Exploration Inc.) has notified GGL that it is planning to budget approximately $650,000 for diamond exploration on the CH Project claims. The CH Project Area is located some 250 kilometers north of Yellowknife in the Northwest Territories (NT) of Canada. The Property lies within an area measuring 60 km east-west by 80 km north-south, and begins 30 km west of the Diavik Diamond Mine.
The 2011 programme will focus on geophysical targets located by ground gravity surveys that were conducted last year and will consist primarily of drilling of a number of these targets. Kimberlite indicator mineral trains helped to focus the areas for the 2010 ground gravity surveys. The drilling is expected to begin this March/April.
This past winter RIO drilled three of up to nine selected kimberlite targets when severe winter conditions terminated the programme. Many geophysical and indicator mineral kimberlite targets have been identified and remain to be evaluated.
ABOUT GGL RESOURCES CORP.
GGL is a Canadian mineral exploration company that owns a large land position covering a greenstone belt in the NT upon which GGL has made new discoveries of gold, VMS, and nickel. Also in the NT and in addition to the RIO Option, GGL has a diamond exploration joint venture with De Beers Canada Inc. (“De Beers”) adjoining the Gahcho Kue diamond discovery owned by De Beers and Mountain Province Diamonds Inc., and GGL has a 100% interest in other diamond exploration claims and leases.
In British Columbia GGL owns the McConnell Creek Gold Property located 20 km southeast of the Kemess South producing gold-copper mine.
For the complete press release click here.
