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Mining industry

King's Bay Gold Corp. Reports Progress on Goldcorp Rowan Lake Gold Project

Strategic Insights

— 1 min read

King's Bay Gold Corp., a Canadian mineral exploration company, has announced that drilling is progressing well on the Goldcorp Inc. 117 claim Rowan Lake gold project in the Red Lake mining camp, Red Lake, Ontario. A dozen holes have been completed, and more are underway, with samples from the first twelve holes being prepared and shipped for assay to Accurassay Laboratories in Thunder Bay, with results expected shortly. The company has a base camp set up with five fully equipped ATCO style trailers on site, and three diamond drills are at work on the project, with drilling continuing. The company's geologists, including John Archibald and Gerald L. Colborne, are supervising the drill program with Goldcorp overseeing.

Key Takeaways:

  • King's Bay Gold Corp. has completed a dozen holes on the Goldcorp Rowan Lake gold project, with more holes underway.
  • Samples from the first twelve holes have been prepared and shipped for assay to Accurassay Laboratories.
  • The company has set up a base camp with five fully equipped ATCO style trailers on site.
  • Three diamond drills are at work on the project, with drilling continuing.
  • The company expects to incur expenditures of $3,500,000 on or before December 31, 2008 to earn a 50% interest in the project.
  • The project is located in the Red Lake mining camp, Red Lake, Ontario, a prolific gold mining area.
  • King's Bay Gold Corp. has a team of experienced geologists, including John Archibald and Gerald L. Colborne, supervising the drill program.
  • Goldcorp Inc. is overseeing the project.

Statistics:

  • 12 holes completed on the Goldcorp Rowan Lake gold project.
  • 50% interest in the project can be earned by incurring expenditures of $3,500,000 on or before December 31, 2008.
  • $1,250,000 to be spent on or before December 31, 2006.
  • $1,250,000 to be spent on or before December 31, 2007.
  • $1,000,000 to be spent on or before December 31, 2008.
  • The company has set up a base camp with 5 fully equipped ATCO style trailers on site.

Sources:

  • King's Bay Gold Corp., "King's Bay Gold Corp. (TSX VENTURE:KBG) reports that drilling is progressing well..." (October 11, 2006) CCNMatthews via COMTEX.
  • King's Bay Gold Corporation, "King's Bay Gold Corporation is a very active and well financed Canadian mineral exploration company..." (no date)

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