An option agreement has been completed between Champion Gold Resources (VSE), Power Explorations (TSE) and Moss Resources (ASE).
The deal gives Champion the right to earn a 50% interest in Power’s Ohman gold property near Pickle Lake, Ont., by spending $475,000 on exploration and paying $25,000 in cash. After earning its interest, Champion, Power and Moss will contribute according to their respective interests.
Champion plans to begin a 10,000-ft diamond drill program this fall. The work will test several targets outlined by Power’s exploration program which included geophysical surveys, geological mapping and rock geochemistry.
The exploration led to the discovery of two gold-bearing zones which strike for almost eight miles across the property. These zones, which are two of several on the claims, are associated with shearing, sulphide mineralization, iron formation and strong alteration — characteristics similar to those found in several deposits in the Pickle Lake-Meen Dempster mining camp.
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