GLOBAL SEARCH FOR GOLD — Patrician, JCI explore Homasi property

South African-based JCI has formed a joint venture with Patrician Gold Mines (PXX-A) to explore the Homasi property in Ghana.

JCI will earn 60% of Patrician’s 90% interest in the property by spending $1.3 million over the next 18 months.

The target is a gold-in-soil and arsenic-in-soil anomaly measuring 2 km long by 500 metres wide. Samples from the area have returned up to 0.8 gram gold per tonne.

The anomaly coincides with airborne magnetic and potassium radiometric structures along a topographic high.

Exploration programs will be carried out in three phases, the first of which consists of compilation of previous data. Phase two will include trenching, regolith mapping, geophysical surveys and a drilling. Similar programs will be carried out in the third phase.

The property must be advanced to the prefeasibility stage in order for JCI to earn its interest.

In other news, Patrician has sold its 52% interest in a property in Guinea to Chalice Mining (CLG-V), the minority holder. The deal is subject to regulatory approval and requires Chalice to issue 500,000 shares to Patrician.