Subject to board approval, Vancouver-based Major General Resources (MGJ-V) has acquired an interest in a newly staked gold property in northwestern Ontario.
Major General and privately held Binary Investments have agreed to joint venture the Tonsil-Dobie property, situated between Barrick Gold’s Golden Patricia mine and Major General’s Dorothy Lake claims. Major General will hold a 25% interest in Tonsil-Dobie, and Binary will hold the remainer. In order to retain its interest, Binary must spend $1 million on exploration over a 5-year period or be diluted on a pro rata basis.
Past exploration on the Tonsil-Dobie property by Lac Minerals and Bond Gold in the 1980s and early 1990s delineated two gold zones, one of which was estimated to host a resource of 300,000 tonnes grading 5.14 grams gold per tonne.
The property covers a 6-km strike length of favorable splay structures generated by the major, northwesterly trending Bear Head fault zone. The mineralized zones at both Golden Patricia and Dorothy Lake are hosted in similar splay structures, Major General notes in a press release.
An exploration program, including geophysical, geochemical and geological surveys, is planned for the coming months.
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