Junior Celtic Minerals (ASE) will acquire the Wing Pond gold-silver and base metal property east of Gander, Nfld.
It may do so by paying the vendor $10,000 in cash and issuing 950,000 Celtic shares.
The 46-sq.-km property covers 12 km of strike along a major shear zone, which is associated with the boundary between the Gander Group metasediments and the Dunnage Zone metavolcanics. Gold and base metal mineralization is found in silicified quartz breccias with sericite alteration.
Work to date has included geophysical surveys and geochemical sampling. Results from the former include 9.8 grams gold per tonne over 1 metre from bedrock, and 8.8% lead plus 123.3 grams silver per tonne in boulders. An airborne geophysical survey will be followed by further sampling, prospecting and mapping. In addition, trenching will be carried out to expose mineralized zones for channel sampling. Drill-testing of favorable targets will be carried out later in 1995.
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