Labrador Gold to acquire Yukon projects from Pacific Ridge

Labrador Gold (LabGold) has signed an enactment statement to afloat get the Mariposa and Eureka Dome golden projects successful the White Gold District of Yukon Territory, Canada, from Pacific Ridge Exploration.

Pending TSX Venture Exchange approval, the acquisition involves payments of C$500,000 and 6,670,000 Labrador Gold shares to Pacific Ridge implicit 4 years, with an archetypal C$100,000 and 800,000 shares owed upon approval.

Labrador Gold indispensable besides undertake C$5.4m successful exploration expenses wrong the aforesaid period, including C$150,000 successful the archetypal year.

Additionally, a affirmative feasibility survey triggers a C$1m outgo to Pacific Ridge.

The Mariposa Project carries a 2% nett smelter instrumentality royalty (NSR), portion Eureka Dome has a 1% NSR.

The Mariposa task spans 16,000 hectares (ha) successful the White Gold District, astir 120km south-east of Dawson City.

It consists of 795 claims and is accessible by fixed-wing craft and wintertime road, and is located 15km eastbound of the under-construction Northern Access Route.

Key elements astatine Mariposa see six known golden occurrences identified from much than 13,000 ungraded samples.

Drilling efforts person been carried retired utilizing some diamond and rotary aerial blast methods.

Eureka Dome, situated astir 62km north-north-west of Mariposa and 55km north-east of the White Gold Project, tin beryllium reached by roadworthy from Dawson City.

Limited ungraded sampling has identified 2 main targets.

One is simply a imaginable epithermal strategy marked by irregular golden values and arsenic-antimony-mercury anomalies implicit a 2.5km × 1km area, and the different is simply a porphyry-like strategy with beardown copper-molybdenum-gold-zinc signatures and imaginable pb zonation.

Labrador Gold president and CEO Roger Moss said: “The acquisition of the Mariposa and Eureka Dome properties gives LabGold an introduction into the prolific White Gold District with 2 projects that person been idle for immoderate time, contempt accrued exploration enactment successful the Yukon.

“Mariposa is good mineralised with respective geological characteristics akin to different golden deposits successful the territory yet remains comparatively under-explored.

“These are precisely the benignant of projects wherever LabGold’s systematic exploration tin pb to discoveries, arsenic antecedently demonstrated astatine our Hopedale and Kingsway projects.”

Labrador Gold has outlined a summertime exploration programme, which includes airborne magnetic and airy detection and ranging surveying, on with broad ungraded sampling successful areas similar Alberta Creek.

In February this year, the institution and Nemo Resources signed an statement to signifier a associated task to research the Watson Project successful north-western Ontario, Canada.