Tundra Gold Mines’ (VSE) affiliate, Golden Pond Resources (VSE), recently agreed to option what it regards as a promising 17,700-acre nickel property east of Amos, Que. In 1971, drilling completed on the property by Wrightbar Mines (ME) returned values ranging as high as 760 ft. of grade 0.162% nickel at a depth of 170-1,000 ft.
After staking the claim group last fall, prospectors Peter Ferderber and Don McKinnon commissioned a survey over selective areas of the property which defined a 3,600-ft. east-west trending anomaly.
The anomaly is coincident with a 1,900-ft. copper, zinc, geochemical anomaly, according to Golden Pond geologist John Pike.
Consisting of 177 lots, the property is on the north limb of the Amos anticlinal structure and is mostly underlain by Keewatin-type volcanic rocks striking east-west.
A large intrusive sill called the Landrienne gabbro-peridotite complex strikes east-west along the centre of the property for approximately 10 miles. It was from within this structure that the nickel values were reported.
Under the option agreement, Golden Pond will pay out $40,000 cash to the vendors who will also receive 200,000 shares and a 4% net smelter royalty. The agreement also requires Golden Pond to complete a work program consisting of 5,000 ft. of drilling and geophysics.
Pending regulatory approval, Golden Pond says project financing will be obtained via a private placement, public financing and or joint venture. Tundra owns 1.4 million of Golden Pond’s 8.4 million issued shares.
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