Corona Corp. (TSE) has acquired an option on the Mings Bight gold property from Varna Gold (ASE). Near Baie Verte, Nfld., the Mings Bight property includes 7,000 acres of ground on which several gold showings have been discovered by Varna prospecting crews.
The Lightning zone, which was discovered by Varna last summer, has yielded assays up to 0.176 oz gold per ton across a channel- sampled width of 40 ft. A follow-up drill program, designed to evaluate the surface results at depth, produced a 20.5-ft true width grading 0.325 oz gold in one zone and 14.1 ft grading 0.188 oz gold in a second zone.
Corona can earn a 100% interest in the property by paying Varna $360,000 over a 4-year period and delivering a feasibility study. At that time, Varna has the right to elect to participate as to a 30% interest in a joint venture or to receive a net profits royalty.
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