Vancouver – Having completed a $1.2-million initial public offering, emerald explorer True North Gems (TGX-V) is looking to advance the Regal Ridge project in the Yukon.
The junior issued 2.43 million shares priced at $0.50 each and aims to spend the proceeds on completing the processing of bulk sampling program, paying for the purchase of the property and for continued exploration.
“Considering the current market environment,” says True North’s Chief Executive officer, Andrew Smith. “This strong investor response gives the company an endorsement of confidence.”
True North is focused on advancing the Crown emerald showing located in the southeastern Yukon, between Ross River and Watson Lake. The company picked up the rights to earn a half interest in the property in June 2001 by inking a deal with Expatriate Resources (EXR-V) over 93 of its mineral claims covering the prospect.
Subsequent exploration demonstrated that emerald-bearing material had been developed in vertical cross-structures as well as within stacked, shallow dipping zones. Mechanical trenching uncovered a new zone of emerald mineralization some 200 metres east of the area 4 zone. Trenching also showed that emerald-bearing horizons occur with greater frequency in the upper, 100-metre section of the deposit.
Early in 2002, True North picked up an additional 22.8 sq. km of ground extending beyond the western boundary of the property. The new project area, currently known as Regal Annex, hosts the same geological signature as Regal Ridge. By March, the company had closed a deal to buy a 100% interest in the Regal Ridge property by agreeing to pay $500,000 to Expatriate. Expatriate retains the right to explore for precious and base metals on the property.
This year’s exploration program by True North consisted of mill site construction, geological mapping and prospecting, reconnaissance geochemical soil sampling, drilling and bulk sampling. Road construction and pilot mill installation were completed by early July. The emerald-bearing material was crushed, sized, washed and passed over a moving belt for hand-picking by a 4-person crew.
The mineralization is marked by a Cretaceous granite body, which intrudes chlorite schist and, along with pegmatite and aplite dykes, has deposited emerald and tourmaline mineralization with associated carbonate, sericite and phlogopite alteration of the host rock. The mafic schists occur within the Fyre Lake metavolcanic unit that crops out over a large part of the Finlayson district. The granitic intrusions are enriched in beryllium and tungsten. The mineralized veins form a complex structural network.
True North collected eight bulk samples totalling 114 tonnes from trenches in four different zones on the property. These samples were processed on site, yielding 53.5 kg of emerald concentrate. The concentrate is undergoing sorting, cutting and evaluation.
Be the first to comment on "True North begins trading"