2008-07-22 07:49 ET - News Release
Mr. Dale Ginn reports
SAN GOLD ACQUIRES ADDITIONAL GOLD PROPERTIES NEAR TIMMINS
San Gold Corp. has significantly expanded its Timmins, Ont., gold exploration land position with the acquisition of additional properties along the prolific Procupine-Destor fault to the east, south and west of the city of Timmins. The new properties are located in Ogden, Deloro, Shaw, Matheson, Bristol and Carscallen townships.
Including the previously acquired Dalton property (see news in Stockwatch on March 11, 2008), San Gold's Timmins area landholdings now total 3,715 hectares, consisting of 548 hectares of patented claims and 3,168 hectares of staked claims. The new properties are covered by four agreements made with one private company and four local claimholders. A map of the Dalton and newly acquired properties are available at San Gold's website.
San Gold can earn a 100-per-cent interest in the new claims by paying $600,000 cash, issuing 370,000 shares and incurring exploration expenditures of $1.65-million over a three-year period under option agreements.
The new properties include the Big Marsh property that is located in Carscallen and Bristol townships, approximately 20 kilometres west of Timmins, along Highway 101. The Big Marsh property, consisting of two claim groups, is located in the West Timmins area that is being intensively explored and developed for gold production by other companies. The Big Marsh property lies across the Bristol splay running off the main Porcupine-Destor regional fault. The gold target rocks consist of mineralized zones that have been tested by 1940s drilling and are known to contain gold values. The Big Marsh property is also prospective for base metal deposits since the central and northeastern parts of the property contain rhyolites that are equivalent in age and composition to the Kidd Creek rhyolite.
San Gold has already commenced exploration on the Big Marsh property, consisting of 50 line km of line cutting, and 30 line km of VFL and IP geophysical surveys.
The Deloro and Shaw township properties consist of the Delnor, Lynx, Bow Tie, Slade, Hunter and Odyssey claim groups. All of these properties are located immediately south of the Porcupine-Destor fault and are located approximately 10 km southeast of Timmins. The West Ogden property is located on Highway 101 approximately eight km west of Timmins and the Matheson property is located in Matheson township approximately 10 km east of the Pamour mine site.
Generally, in Deloro and Shaw townships, the potential gold host rocks covered by new claims consist of metavolcanics and tuffs of Upper Deloro group mafic to felsic rocks, including oxide to sulphide iron formations. More specifically, the Deloro-Shaw township claim groups cover a variety of promising geological environments, including sulphide-rich iron formations, feldspar porphyry sills, serpentinized ultramafic bodies, carbonitized shear zones, sequences of alternating felsic and ultramafic (komatiite) bands, and zones of quartz carbonate (ankerite) and chrome mica.
Investor Information: 1-800-321-8564
Email: info@sangoldcorp.com
Website: www.sangoldcorp.com