Exploration and development activity is picking up steam in Newfoundland’s Baie-Verte Peninsula. A Quebec-junior, Exploration Sulliden (ME), recently expanded its holdings in the region by acquiring a 50% interest in the Long Pond property.
This property consists of a block of 10 claims adjacent to the Betts Cove property, which Sulliden recently optioned.
Long Pond is about 7.5 km northeast of the Nugget Pond deposit operated by Richmont Mines (ME), which hosts reserves of about 340,000 tonnes grading 14 grams gold per tonne. It covers about 2 km of the Nugget Pond sedimentary horizon, and contains a number of gold showings.
Sulliden President Jacques Trottier says the option agreement will enable the company to strengthen its position in the region by providing access to about 6 km of the 15 km of favorable Nugget Pond horizon.
To acquire 50% of Long Pond, Sulliden must carry out $450,000 worth of exploration work and issue 125,000 shares and an equal number of share purchase warrants over a 3-year period.
The company is planning an aggressive exploration program for this summer.
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