Kapuskasing Gold Corp. (TSXV:KAP) announced they will be starting work at their Golden Route and Chapleau West properties.
Initial prospecting and outcrop sampling programs at Kapuskasing Gold Corp.’s Golden Route and Chapleau West properties is to begin immediately and will be carried out by Mike Tremblay, the company’s chief adviser. Funding for each has been received from the Ontario Exploration Corporation (“OEC”).
Kapuskasing Gold acquired the Golden Route and Chapleau West properties (along with the Company’s other four claim sets) after reviewing all available public geological data and extensive consultation with the KAP Advisory Board. Since the discovery of Goldcorp’s Borden Gold project, it was determined that these properties are highly prospective for similar gold mineralization. As capital markets allow, KAP will scale up its exploration plans over the many prospective geological features within its 6 large claim groups.
The terms of the funding from the OEC are $10,000 per applicant for a 0.5% royalty (NSR) per property. Second funding of $25,000 for an additional 0.25% royalty and third project funding of $50,000 for an additional 0.25% royalty for continuing exploration projects are available. A royalty buyback clause has been defined in a purchase agreement.
Kapuskasing Gold has 6 gold properties located along extensions of the Destor-Porcupine or Borden Gold project. All of the properties, with the exception of Rollo, are situated within the Kapuskasing structural zones and have potential similarities to Goldcorp’s Borden Gold project.
Kapuskasing Gold President, Dean Nawata, stated:
We are pleased to begin work on two more of our properties this year while at the same time continuing at Rollo and Borden North. The Company has designed its work programs to overlap in order to advance each of our six properties in the Borden Lake area in the most effective and cost efficient manner possible