iMetal Resources Inc. acquires the Ghost Mountain Property in Kirkland Lake, Ontario, on the gold-prolific Destor-Porcupine Fault
This property is located a couple km west of Kirkland Lake Gold’s, Holt and Holloway Mine” refer to map in Ontario properties section.
Metal Resources Inc. (IMR – tsxv) (IMR or the company) is pleased to announce it has acquired the Ghost Mountain property, consisting of seven claim units (eleven square kilometers) of land, straddling the gold-prolific Destor-Porcupine Structure in Kirkland Lake, Ontario.
The Destor-Porcupine gold camp is one of the most prolific gold mining districts in North America, with past production exceeding 70 million ounces of gold. Mining and exploration have been going on in this district since gold was first discovered near Timmins in 1907. The structure and related gold deposits occur in structurally controlled Archean lode gold deposits. This major metallogenetic feature is developed within the Archean Abitibi sub-province of the Superior province, northern Ontario. The Ghost Mountain property in Kirkland Lake is contiguous on three sides by Kirkland Lake Gold (KL – tsx), only a few hundred meters North from their Lightval target, and proximal to its multi-million- ounce gold production facilities in the Kirkland Lake area.
An excerpt from the December 12, 2016, Kirkland Lake Gold (KL-tsx) news release stated:
“The Company has also decided to transition the Holloway Mine, part of the Holt Mine Complex in Northeastern Ontario, Canada, to care and maintenance due to limited economic viability. The majority of the workforce will be reassigned to the nearby Kirkland Lake operations, effectively replacing external contractors. The Company will continue to conduct aggressive surface exploration drill programs in 2017, which will progressively step further west of the Holloway shaft, an area which has historically remained under explored. Drilling will focus on testing the mafic volcanic / ultramafic volcanic contact to the north, and will also target the westerly strike extension of the Lightning and Middle zones (which were previously mined at Holloway). Further west of the Holloway deposit, drilling is underway at Lightval, and is planned for the Harker West target, as the Company continues to explore for another Lightning Zone style mineralization in the area. KL Gold will maintain the site in a production ready state with the intent of restarting the operation in the future with meaningful and enhanced economics.”
The Ghost Mountain property lies between – and west of the above described KL Gold targets. iMetal Resources Inc. is in the planning stage of a comprehensive exploration program to fully test the potential of the property; details of which will be reported shortly. The Ghost Mountain property became available for location during the acquisition of St. Andrew Goldfields by Kirkland Lake Gold in November 2015. These claims were immediately staked by iMetal Resources Advisory Board Member, Tom O’Connor, and subsequently optioned to the company.
iMetal has paid out the agreement in full, with a 3% NSR.