Vancouver-based Akiko-Lori Gold Resources (VSE) has reached an agreement in principle with Gold Fields Canadian Mining to earn a 50% stake in two gold prospects situated south of Kirkland Lake in northeastern Ontario. The deal, still subject to a formal agreement and regulatory approval, calls for Akiko-Lori to spend a total $1 million on the two properties over a 3-year period.
The first property, 16 miles southeast of Kirkland Lake in Catherine and Marter twps., comprises 5,000 acres. The claims host at least 13 surface gold showings located along a fault structure which has an interpreted strike length of up to two miles and is characterized by shearing, hydrothermal alteration and gold mineralization, says Akiko.
Channel samples from several showings on the property yielded results such as 0.53 oz. gold per ton over 3 ft., 0.49 oz. over 2 ft. and 0.21 oz. over 2 ft.
Situated 1.75 miles to the northwest, the second property comprises two patented claims and is thought to lie along an extension to the interpreted fault structure. Grab samples on that property have yielded up to 7.5 oz. while a channel sample returned 0.19 oz. over a width of 4 ft.
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