13 Mineral Claims Located Near Bathurst Camp
Canadian GoldCamps Corp. (CSE: CAMP) has entered into an agreement to acquire, through the purchase of a private BC corporation,13 mineral claims referred to as the Elmtree and Alcida Gold Claims, located in New Brunswick, Canada.
Property highlights include:
- Total property package covering approximately 7,000 acres.
- 2010 Micon Preliminary Economic Assessment indicating robust IRR at C$1,100/oz gold. The company intends to update this PEA for the historic “Elmtree project”.
- The current property sits on the majority (265,000 oz) of the NI 43-1012 compliant 294,000 ounces of gold from the historic Elmtree project, which is near surface and includes a higher grade 5 g/t envelope.
- Deposit remains open in all directions – a complete digital database of property drill, geochemical, and geophysical data will allow the company to quickly identify new targets, expand the known zones of mineralisation and restart exploration.
- Substantial additional prospective land position acquired in area.
- Amenable to open pit mining.
- Metallurgical studies completed by SGS and RPC indicate 98% gold recovery on the higher-grade western gabbro zone (WGZ).
President and CEO, Alex Terentiew, said the historic Elmtree Gold Project contains three defined zones of mineralisation hosting 294,000 oz of gold in the inferred and indicated categories. CAMP’s acquisition includes the WGZ and SGZ zones, comprising 90% of that resource.
“This asset is an additional building block in the company’s evolving Atlantic Canada strategy, as well as its strategy of consolidating exciting projects in known Gold Camps across Canada,” Mr Terentiew said.
“The company intends to have critical mass wherever it operates and to truly be not only an exploration Company, but also a development Company with a pipeline of the most promising projects at every stage from new discovery to pre-production.”
Historical drilling at the Elmtree Gold Project included nine trenches and 176 holes, with 69 holed completed during 1985-87 and the remaining drill holes during 2005-2010.
A resource estimate was prepared in 2008 by Mercator Geological Services Limited and updated in 2011 by Micon International Limited incorporating additional drilling from the 2007-2009 drill campaigns. There are three identified gold-bearing zones within the Elmtree Gold Project: the West Gabbro Zone (WGZ), the Discovery Zone (DZ) and the South Gold Zone (SGZ).