Stone Gold (TSXV: STG) this morning announced that it has entered into option agreements to acquire 100% interest in certain claims in the Batchewana Bay, Ontario region. The claims make up both the East Breccia and Tribag properties in the region, which are contiguous to the firms Coppercorp property.
On a combined basis, the two properties represent 3,390 hectares of land claims that encompass multiple copper rich breccia bodies. The properties have a history of being mined in the 1960’s and 1970’s, with production of 1.2 million tons grading 1.52% copper. Numerous breccia bodies on the property include the Richards Breccia, Jogran Porphyry, Kincaid Breccia, and the historic Coppercorp Mine.
The acquisition of the option claims is also accompanied with a historic database that provides extensive data for the properties. When combined with data for the Glenrock and Coppercorp properties, it provides the company with the unique opportunity of a district scale exploration model for the Batchewana Greenstone Belt. From here, the company is to develop a focused drill test program to delineate resource for further development.
“We are pleased to finalize the two option agreements for the Tribag and East Breccia projects. This enlarged district scale Copper, Silver, Tungsten, Molybdenum, Rhenium and Gold project package represents an exciting opportunity to revive the Batchewana Bay mining district. This deal has been over ten years in the making to combine these properties into one district scale project with the potential for a significant discovery.”
John Timmons, CEO of Stone Gold
Full details of the option arrangement for the two properties can be found here.
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Stone Gold last traded at $0.14 on the TSX Venture.
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