Over the next five years Gold Giant Minerals (VSE) plans to fund a $3-million exploration program operated by Noranda Exploration on the Snoball property in northwestern British Columbia.
The project is a high-grade polymetallic discovery about 55 km north of the Eskay Creek camp. Gold Giant President Donald Sheldon reports that mineralization on the property “exhibits metallogenic similarities to Eskay Creek.”
In accordance with a recent agreement-in-principle, Gold Giant acquired the right to earn a 50% interest in the property through the assignment of an option agreement between a private company and Hemlo Gold Mines (TSE). Terms of the assignment will be released shortly.
This year’s work program will include prospecting, geological mapping, trenching, sampling and diamond drilling.
Preliminary work by Noranda Exploration on behalf of Hemlo Gold is reported to have identified a large area (1.5×0.8 km) with polymetallic mineralization hosted within black siltstones and tuffs of lower mid-Jurassic age considered to be Eskay Facies rocks.
Sampling returned encouraging values in gold, silver, copper, lead and zinc, and Gold Giant is of the view that coincident strong gold geochemical and IP geophysical anomalies reflect significant stockwork or stratabound mineralization.
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