Published:
Threegold Acquires Base Metal Property
Dianor Resources Inc. (TSX-V: DOR) is pleased
to announce that Threegold Resources Inc., Dianor's wholly owned
subsidiary, has optioned the Vital base metal property located on the Gaspe
Peninsula, Quebec. The Vital property is composed of 16 mining claims
totaling 983.9 hectares and situated in the vicinity of the towns of
Ste-Anne-des-Monts, Murdochville and New Richmond.
Dianor is in receipt of a NI 43-101 technical report on the Vital property
prepared by Mr. Jean-Pierre Cloutier, P. Geo. The report recommends a work
program consisting of an initial exploration phase of prospecting,
geological mapping, stripping and geophysics followed by diamond drilling.
The total budget for the work program amounts to $500,000.
The exploration history of the property dates back to the early 1910s when
lead-zinc boulders were found on the shores of the Berry Creek. The source
of the mineralization was traced back to the current Vital Property. Over
the years, some 50 veins and mineralized zones were discovered on the
property with exploration carried out through drifting in the
mineralization from shallow shafts and adits. These operations resulted in
a small-scale production of ore for which no records have survived.
The current exploration focus is on the copper mineralization discovered on
the property by Mr. Vital Arsenault, a local prospector and businessman
from Bonaventure, Quebec. The veins and breccias are mineralized with
chalcopyrite, pyrite, hematite and magnetite. Confirmation of the copper
content was obtained through routine assaying at a commercial lab, however
these results are deemed non-representative due to the coarseness of the
mineralization.
According to the terms of option agreement signed, Threegold will acquire a
100% interest in the Vital property by making a cash payment of $50,000 at
signing, issue 300,000 common shares to the seller over a three-year period
and expend $300,000 in exploration expenditures on the property. A 250,000
common share bonus will be granted at the pre-production stage, with
500,000 common shares granted at production. The seller retains a net
smelter return royalty (NSR) of 2%, half of which may be bought back by
Threegold for $1,500,000. Upon payment of $50,000, Threegold will have
acquired a 50% interest in the property with the balance to be acquired
upon the foregoing terms.
Dianor also announces that its Board of Directors has granted options in
respect of an aggregate of 800,000 common shares of Dianor in accordance
with the terms of its Stock Option Plan at an exercise price of $0.40 per
share to seven employees, three consultants, three directors and two
officers.
Dianor is an innovative exploration company focused on diamond exploration.
The Company has entered into option/joint ventures in Quebec and Ontario
with numerous exploration companies to explore for and discover diamond
deposits.
Threegold Resources Inc. is a wholly owned subsidiary of Dianor and is
focused on non-diamond exploration.
You can also visit our Web Site: www.dianor.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
Distributed by Market Wire
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
Daily News
Tags: ,Manufacturing and Production:MiningandMetals, ,KY,VAL-D'OR, QC
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