Christopher James Gold Corp

Published : May 17th, 2007

Acquires Option on Carlin-Style Pediment Play in Nevada

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Antimony | Barium | Copper | G Mexico | Gold | Lead | Mexico |
Christopher James Gold Acquires Option on Carlin-Style Pediment Play in Nevada

Vancouver, B.C. - Christopher James Gold Corp (CJG - TSX.V) (the "Company") has signed a memorandum of understanding with Harvest Gold Corporation (HVG - TSX.V) ("Harvest") to secure an option to acquire up to 70% of the Garcia Flats Project, located at the southern extension of the Carlin Trend, in north-central Nevada.

The project comprises 250 unpatented lode claims in two blocks, covering approximately 20 square km of highly-prospective covered pediment ground.  It is located on the southern extension of the Carlin Trend, at the intersection of two structural trends, each of which host multi-million ounce deposits: the Rain mine, to the north, and the Bald Mountain mine, to the southeast.

Company President, Dr. E. Max Baker, commented "Garcia Flats is precisely the type of opportunity we have been looking for in Nevada - a drill ready, conceptual play, supported by good exploration data, with the potential to lead to the discovery of a multi-million ounce Carlin-style deposit.

"Because the target area has been defined already, the concept can be tested quickly with several drill holes into the underlying basement, beneath the anomalous zone.  We will commence drilling as soon as a suitable drilling rig is obtained.

"With drilling underway at the Cucaracha Dorada project in Mexico, and the first of two drill rigs being mobilized to the Ranch project in Northern BC, this will be an exciting year for us, with a steady flow of drill results through to the yearend."

The Garcia Flats Target Anomaly

Using enzyme leach analysis, a significant geochemical anomaly in gold and pathfinder elements, including arsenic, antimony, barium, and thallium, has been delineated over the structural target area, indicating the possible presence of buried, Carlin-style mineralization below.  The significance of the geochemical anomaly is supported by its location at the northern end of a coincident gravity low and magnetic high - suggestive of a buried intrusive body.

The eastern anomaly measures approximately 1000 metres wide and at least 3500 metres long.  A second zone, the central anomaly, is 600 metres wide and at least 1800 metres long.  The eastern anomaly is adjacent to an interpreted buried intrusion, and the central anomaly is closely associated spatially with the interpreted intrusion.  More particularly, the structural target area is located within a graben, which in the target area itself is interpreted as being covered with recent gravels and sediments.

The Garcia Flats Option

The Company's memorandum of understanding ("MOU") with Harvest provides it with the exclusive right to earn a 70% interest in the Garcia Flats project, subject to an underlying 3% net smelter returns royalty, over three years, by issuing a total of 225,000 shares to Harvest and incurring an aggregate $2,500,000 in exploration expenditures as follows:

  • 50,000 shares upon the satisfactory completion of the Company's due diligence
     
  • 75,000 shares and $500,000 in exploration expenditures in year one
     
  • 100,000 shares and $750,000 in additional exploration expenditures in year two
     
  • $1,250,000 in additional exploration expenditures in year three.

The Company has the right to terminate the option without further obligation at any time, and to shorten the earn-in period by accelerating the rate of project expenditures.

Once the Company has earned its 70% interest, Harvest will be required to either contribute pro-rata to future expenditures or be diluted to a 12.5% carried interest through completion of a bankable feasibility study.  Should the Company take the project to the development stage, it will be responsible for raising Harvest's share of any required financing.

The Company's obligations under the MOU are subject, inter alia, to a definitive agreement and approval of the TSX Venture Exchange.

Olympic-Sun Project, Nevada  

Separately, the Company has terminated its participation in the Olympic-Sun Project, in Nevada, following an analysis of the results from a recently-completed reverse-circulation drill program.

Quality Assurance and Control

This news release was prepared under the supervision of E. Max Baker, PhD, the Company's President and a "qualified person", as that term is defined in National Instrument 43-101 of the Canadian Securities Administrators.

This news release contains geological concepts which should be considered speculative in nature.  While the Company feels there is adequate justification to warrant the expenditure required to explore for Carlin-style mineralization at the Garcia Flats project, there is no guarantee of success.

About Christopher James Gold

Christopher James Gold Corp. is a Canadian mineral exploration company trading on the TSX Venture Exchange, under the symbol "CJG".

The Company has over $12 million in treasury and is well-funded to explore its large portfolio of gold projects in British Columbia, Nevada and Mexico:

  • Most notably, it has the exclusive option to acquire 100% of Guardsmen Resources Inc., a private company that owns a number of highly-prospective properties in northern British Columbia, including the high-grade Ranch gold and copper project.
     
  • In Durango State, Mexico, the Company has an option to acquire up to a 65% interest in Chesapeake Gold Corp.'s Cucaracha Dorada gold project.
     
  • In southern British Columbia, the Company owns 100% of the copper and gold rights to the historic Craigmont mine, as well as the Brassie Creek, Big Kidd, and Portage Lake gold properties.

Christopher James Gold Corp.
Dr. E. Max Baker, President and CEO

FURTHER INFORMATION
Christopher James Gold Corp.
Dr. E. Max Baker, President and CEO
John Glanville, Investor Relations
Tel: 604 408 8829

Visit the Company's website at www.christopherjamesgold.com. 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

Christopher James Gold Corp

CODE : CJG.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Christopher James Gold is a gold exploration company based in Canada.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Christopher James Gold Corp
3/22/2007Gold to Raise $5,100,000 by Private Placement
Option Grants of Christopher James Gold Corp
4/23/2007Grants Incentive Stock Options
4/14/2007Grants Incentive Stock Options
Nominations of Christopher James Gold Corp
8/1/2007Appoints Paul Robertson CFO
Project news of Christopher James Gold Corp
7/24/2009(Buz / Mud Springs)Options Up To 70% of Buz Project in Nevada From Rio Fortuna
9/22/2008(Garcia Flats)Withdraws From Garcia Flats Project
10/24/2007(Garcia Flats) Reports Initial Garcia Flats Project Drill Results
9/26/2007Results From Ranch Project Drilling
8/14/2007Reports Initial Results from Drilling at the Ranch Project, ...
6/27/2007(Garcia Flats)Commences Drilling At Garcia Flats Gold Project
5/31/2007Correction to last distributed drill results table.
Corporate news of Christopher James Gold Corp
9/2/2009Signs LOI with Fortune River Resources on Zebra Gold Project...
12/4/2008Withdraws From Canoe Reach Geothermal Project
9/23/2008Canoe Survey Shows Potential Reservoirs
7/16/2008To Acquire High Temperature Geothermal Project and Two Gold/...
1/8/2008Withdraws From The Ranch Property
12/15/2007 Director Paul Macneill Passes Away
8/29/2007Acquires the Lawyers Gold Project
5/31/2007Begins 2007 Drilling at the Ranch Gold Project
5/17/2007Acquires Option on Carlin-Style Pediment Play in Nevada
5/10/2007Drilling Commences at the Cucaracha Dorada Gold Project
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (CJG.V)
0.150+0.00%
Last quotes and information before delisting
Prev close Open
0.150 0.150
Low High
0.150 0.160
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.150 -%
Volume 1 month var.
149,275 -%
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.62-0.52%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 11.10-3.31%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.71-1.39%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.52-4.55%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 16.36-8.04%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.24+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.21-2.33%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.31-7.60%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 48.80-1.95%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03-3.23%Trend Power :