An agreement with a private company allows Vancouver-based Camnor Resources (CMB-V) to acquire 100% of the Golden Star property in northern California.
To do so, the junior must pay the vendors US$442,500 and issue 465,000 shares in stages over seven years. The vendors retain a 3% net smelter return royalty, though 2% of this can be purchased for US$1 million.
Previous operators at Golden Star outlined a geological resource of 8.2 million tons averaging 0.023 oz. gold per ton, using a 0.010 oz. cutoff grade. The zone is open in all directions, and Camnor says the potential to expand the resource is “excellent.”
The Golden Star property comprises 53 unpatented claims covering an area of silicified, rhyolitic volcanics in which quartz veining and stockwork occur.
Gold and silver values have been obtained elsewhere on the property, with some of the highest results (up to 0.65 oz. gold and 50.4 oz. silver) obtained from a large boulder train. A field program is scheduled to begin in May.
Be the first to comment on "EXPLORATION 1998 – NEWS ROUNDUP — Camnor eyes prospect in Golden State"