The Rainy River region of Ontario just obtained a new major landholder. Big Gold (CSE: BG) this morning indicated it has expanded its claims in the region, with the property expansion adding a total of 6,100 hectares of new claims to the firms portfolio.
The addition of the new claims brings Big Gold’s total landholdings in the region to over 10,000 of prospective gold exploration claims. The recently obtained claims are said to be adjacent to, and intertwined with, First Mining Corp’s (TSX: FF) Cameron gold project, which has measured and indicated resources of 464,000 gold ounces within 5,530,000 tonnes.
The new claims, some of which were staked, are said to expand and fill-in property around the firms Martin-Kenty project. Certain gold occurrences are known on several of the claims acquired, including a discovery made in 1974 by Roy Martin, 10 kilometres west of the original Martin-Kenty occurrence. Combined with several other discoveries in the region, the showings are referred to as the Peninsula gold occurrences. Drilling in the 1980’s conducted in the area by Canadian Nickel reportedly intersected 31 g/t gold over 0.49 metres just west of the Peninsula zone.
“Part of our strategy with the Martin-Kenty project is to create a large footprint in an area where we believe there is significant potential for something ‘Big’. Our expansion properties sit on or in line with major faults and shear zones where known gold occurrences are hosted and offer us year-round access to explore,” said CEO Scott Walters.
The company also indicated it intends to begin work on the property “immediately” with a fall program, with further details to be released in time.
A total of 2.0 million common shares were issued in connection with the acquisition of the property, with a 2% net smelter return royalty also granted on the acquired property.
Big Gold last traded at $0.05 on the CSE.
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