David Bell eyes Hemlo gold prospect

The geologist who discovered the first Hemlo gold deposit in 1981 has set his sights on the 134-claim White Lake property in the east Hemlo area of western Ontario.

David Bell heads up CaribGold Resources (CG-T), which can acquire a 70% interest in the White Lake property from Royal Oak Mines (RYO-T) by spending $300,000 on exploration and making staged payments totalling $50,000.

Bell says the White Lake property exhibits some of the highest gold-in-humus values in the area since the Hemlo discovery. Prospectors are reported to have identified a gold showing, containing visible gold and “multi-ounce values,” on the property. Bell also notes that topographic lows, close to the visible gold showing and the area of anomalous humus gold values, mark areas of potential sericitic schists which extend under White Lake.

CaribGold’s exploration program, to start immediately, will be directed by Bell.

The junior can acquire Royal Oak’s residual 30% of the property by spending a further $300,000 on the property and granting Royal Oak a royalty of between 1.5% and 2%, depending on gold prices.