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Frontline Gold Corp. (TSXV:FGC) announced that it has negotiated an option to buy up to a 100-percent interest in the Ontario-based Chukuni property with Rubicon Minerals Corp. (TSX:RMX,NYSEMKT:RBY).
Frontline Gold Corp. (TSXV:FGC) announced that it has negotiated an option to buy up to a 100-percent interest in the Ontario-based Chukuni property with Rubicon Minerals Corp. (TSX:RMX,NYSEMKT:RBY). The deal is subject to a 2-percent net smelter return.
As quoted in the press release:
The property is comprised of three continuous claims, totaling 1,280 acres on 32 claim units, that is located long the south and western boundaries of Goldcorp Inc’s (‘Goldcorp’) Red Lake Gold Mine in the Red Lake Gold District, Ontario. The Chukuni property is approximately 3.5 kms directly south of Goldcorp’s #3 Shaft .
Walter Henry, president and CEO of Frontline, commented:
The claims are an excellent addition given the proximity to a known historical gold mining area located in the Red Lake Gold District and to Goldcorp’s Red Lake mine and its #3 Mine Shaft. The low acquisition cost of the land package combined with no property expenditure requirements allows us to continue to grow our portfolio of strategic land packages in these challenging markets. The Chukuni property is very interesting given 1) the proximity to Goldcorp’s Red Lake Gold Mine, and the proximity to Goldcorp’s #3 Mine shaft, located approximately 3.5 kms north of the Chukuni property boundary; 2) the strategic location of the group in the Red Lake Gold District and being directly contiguous to Goldcorp’s Red Lake Property both on northern and eastern property boundaries of the Chukuni property boundaries and 4) given that the known gold occurrences have not been revisited in any detail located within the Baird property boundary.
Click here to read the full Frontline Gold Corp. (TSXV:FGC) press release.