Canaustra finds sulphides on Gull Pond property

A new discovery of polymetallic sulphides has been made by Canaustra Gold Exploration (VSE) on the Gull Pond property in the Baie Verte peninsula of Newfoundland.

The discovery was the result of back-hoe trenching on a magnetic anomaly. Assays on 22 samples from the trenching program returned variable grades of from 1.0 g to 33.4 g per tonne gold, 0.4% to 36% lead, 2% to 8% zinc, and 2% copper.

The samples were taken from two trenches 100 m apart. Additional geophysical work will be followed by a diamond drill program, the company says.

The Gull Pond property is comprised of 12,000 acres and is located 5 km south of the Rambler base metals property currently being explored by Petromet Resources (TSE).

In other news, the shareholders Canaustra and Cliff Resources (TSE) will meet on Dec 29 to approve a plan whereby the companies will be combined. Under the amalgamation, shareholders of Canaustra will receive 0.75 of a Cliff share for each Canaustra share held.

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