Glenhaven options ground in Birch Uchi belt

Vancouver — Glenhaven Ventures (GHM-V) has inked a deal to acquire the Springpole gold property in the Birch Uchi greenstone belt, near Red Lake, Ont.

The junior will pay the vendor $98,000 over four years and issue 120,000 shares. The vendor retains a 2% net smelter return royalty, half of which may be bought by Glenhaven at any time for $1 million.

The 10-sq.-km property consists of two groups of claims that cover both limbs of a large northwest-trending anticlinal fold. Gold Canyon Resources’ (GCU-V) Springpole Lake property is in the centre of the fold. Gold Canyon’s property hosts the Portage zone, a large-tonnage, low-grade gold deposit.

A structural interpretation of government airborne magnetic and electromagnetic surveys indicates several northwest-trending faults or fractures that seem to be related to the axial plane of the fold. Gold Canyon believes these structures control the gold mineralization.

Three of the structures cross the eastern claim group of Glenhaven’s Springpole property, and two are spatially associated with gold mineralization and represent primary exploration targets for Glenhaven.

An additional three structures cross the western claim group of Glenhaven’s Springpole property. The western claim group is also host to a historical gold occurrence known as the Wagner Bay zone. Glenhaven intends to re-evaluate the area in light of the new structural interpretations.

Glenhaven has 10 properties under option and controls more than 94 sq. km in the prolific Red Lake-Birch Uchi camp.