DeepRock Minerals (CSE:DEEP) just acquired, by way of option, the Golden Gate gold project in New Brunswick, eastern Canada.
In a press release, the Vancouver-based miner said that Golden Gate is located in Gloucester County about 11
The project occupies three exploration blocks comprising 13 claim units that total 270 hectares.
According to DeepRock, historic exploration dates back to the fall of 2002, when the project underwent a program of works consisting of the establishment of a grid of cut lines, geologic, soil geochemical surveys, lithogeochemical and geophysical surveys.
“This work was a success, thanks to the discovery of the mineralized erratic blocks (12% Zn, 4.03% Pb, 0.07% Cu, 280 g/T Ag and 1.18 g/T Au) and of gold anomalies in soil (up to 100 ppb Au). A trenching program executed in 2003 exposed brecciated rocks containing sulphides and containing up to 8 g/T Au, in association with altered mafic volcanic rocks of the Little River Formation,” the company’s media brief reads.
Under the terms of the option agreement for Golden Gate, DeepRock has to pay the optionor $170,000 cash, issue 200,000 shares, and undertake $220,000 of exploration/development work within four years.
