Black Gregor cuts low gold values on Marathon property

The company plans to drill about 31 holes on the property. The current program is testing a 10,200- ft-long horizon containing various geophysical and geochemical anomalies. The claims are about 16 km northeast of the town of Marathon.

The best result from the recently completed holes is 7 ft of 0.21 oz gold per ton in hole No 7. Other results include 4 ft grading 0.12 oz gold and 3.6 ft grading 0.11 oz gold in hole No 1. Low-grade values of 0.04 oz gold over 10 ft and 0.05 oz gold over 8 ft were cut in holes 2 and 5, respectively.

Meanwhile, the company has been notified by its joint venture partners, Carlson Mines and Nexus Resources (VSE), that they will not be participating in the current exploration program due to lack of funds. Carlson’s interest in the property will drop to 25% from 34% as a result.

Delisted from the Vancouver Stock Exchange earlier this year, Carlson is planning to recommence trading on Ontario’s over-the- counter market (COATS) in the near future.

Nexus has agreed to sell 5% of its 15% interest in the Marathon property to Black Gregor for $100,000, while the remaining 10% interest will revert to a 10% net profit interest, subject to certain buy-out provisions.

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