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%.
North Country Gold Corp. announced initial results from the Antler target at the Three Bluffs Gold Project in the Committee Bay Greenstone Belt, northeast of Baker Lake, Nunavut, Canada. These preliminary results are part of the $25 million exploration program targeting at least 30,000 metres of drilling in 2011. Diamond drilling continues to expand the Antler zone to depth and reverse circulation drilling has extended the trace of the known gold mineralization for at least 360 metres west of the zone discovered in 2010.
“The initial 2011 drill results at Antler continue to outline the potential of the Walker Lake Trend,” said John Williamson, President and CEO of North Country Gold Corp. “The four diamond drill holes confirm the presence of east-plunging, high-grade shoots which persist to depth within the pervasively mineralized structure and with the addition of the widely spaced reverse circulation drilling results, the strike length of the known Antler mineralization is now over 1000 metres. NCG is confident that with continued drilling at Antler we will be able to define significant resources along this portion of the trend.”
The four diamond drill holes completed at Antler are part of the 2011 diamond drill program which is designed to develop resources at nominal 50 x 50 metre spacing to an initial vertical depth of 200 metres along the 4.1 kilometre Walker Lake Trend. Diamond drilling has thus far focused on delineating and expanding resources in the Antler and Three Bluffs West areas. Results from the initial four diamond drill holes at Antler are shown in Table 1.
To view the Plan View of 2011 Antler Drilling, click here: http://northcountrygold.com/projects/antler/
Reverse circulation drilling in 2011 is primarily designed as wide-spaced (120 metres spaced sections), shallow exploration holes along untested portions of the Walker Lake Trend. The results of the reverse circulation drilling are anticipated to rapidly identify additional new high-grade gold mineralized zones along the covered and untested portion of the trend, which will then be aggressively delineated utilizing diamond core drilling. Results for the reverse circulation holes completed at Antler are given in Table 2.
The Three Bluffs deposit currently hosts an indicated resource of 508,000 ounces (2,700,000 tonnes at 5.85 g/t Au) and an additional inferred resource of 244,000 ounces (1,270,000 tonnes at 5.98 g/t Au). The Three Bluffs deposit occurs at the eastern end of a package of auriferous iron formation bearing supracrustral rocks (Walker Lake Trend) along which NCG is focusing exploration and has conducted drilling in three key areas over a 4.1 kilometer segment of the trend during 2010: Three Bluffs, Antler, and Hayes.
NCG believes that significant potential exists along the Walker Lake Trend and has developed a strategy to identify additional near-surface open-pittable gold resources along the strike length of the trend, which will incrementally add to the existing high-grade resource inventory underpinned by the Three Bluffs Deposit.
About North Country Gold Corp.
North Country Gold Corp. controls one of the largest under explored greenstone belts within Canada, and has numerous drill-ready high-grade gold targets, in addition to those at Three Bluffs. The gold-rich Committee Bay Greenstone Belt is located approximately 300 kilometers north of Baker Lake within Nunavut Territory, Canada. North Country Gold Corp. is currently the 100% beneficial owner of the mineral rights to 202 active mineral claims and 14 mineral leases.
Read the full news release here
