Lateegra Expands Into Quebec
17 Januar 2011 - 3:12PM
Marketwired
Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX VENTURE:
LRG)(FRANKFURT: LTGB) announces that it has executed a Letter of
Intent with a group of prospectors by which it can acquire a 51%
undivided interest (subject to an underlying net smelter royalty of
2% with an option to purchase 1% for $1 million) in a mineral
exploration project known as the "B-14 Property" (the "Property").
The Property is located in Beschefer Township, north western
Quebec. Pursuant to the terms of the proposed agreement, Lateegra
can earn an undivided 51% interest by making cash payments
totalling $25,000 and issuing a total of 3,000,000 shares over a
one year period.
Lateegra has also entered into a letter of intent with Sea Green
Capital Corp. whereby it can acquire the remaining 49% interest in
the Property (subject to an underlying net smelter royalty of 1%
with an option to purchase 0.75% for $500,000) for a total of
$25,000 and 3,000,000 common shares to be paid and issued to Sea
Green.
About the Property
The B-14 Property consists of 33 claims encompassing 5.3 sq km.
and located approximately 2 km southeast of the Broullan Batholith
and immediately south of Balmoral Resources Ltd.'s flagship Fenelon
property, the focus of a recent $18 million financing. Further
afield and 10 km northwest lays the Selbaie Mine (previous
production of 57.5 million tonnes grading 0.56 g/t Au, 38 g /t Ag,
0.87 % Cu, and 1.85% Zn; MRNQ, DV 2001/01). The Property is
underlain by hematized quartz-feldspar porphyry and albitized
quartz diorite which intrude variably altered intermediate to mafic
volcanic rocks. The following is the link to the map:
http://www.lateegra.com/images/LATEEGRA-BESCHEFER-GEOLOGY-JAN12-2011.jpg
Hosting the gold-mineralized B-14 zone, discovered by Selbaie
Mines in 1995, previous historic drilling results include 3.53 g/t
gold over a core length of 28.6 m in hole B-6 drilled by Selbaie
Mines Inc., and 4.86 g/t Au over 10 m in SBJ-06-01 drilled by
Seagreen Capital Corporation. The B-14 zone has been traced over a
strike length of 1 km following a volcanic sequence adjacent the
intrusion and along a fault zone identified by Selbaie Mines and
Soquem, extending vertically to a depth of at least 150 m below
surface. The diorite intrusion, being in contact with the
mineralized volcanics, is distinctly altered and contains up to
7.55% Na2O, 2235 ppm strontium and 1675 ppm barium (Michaud 1997;
GM 60445).
Planned near-term exploration on the B-14 Property involves
establishing grid lines, carrying out induced polarization and
magnetometer surveys at a 50 meter line spacing (previous coverage
was at a 200 meter spacing), followed by diamond drilling based on
the assessment of the better defined geophysical targets.
Exploration is expected to commence early this winter, as weather
conditions permit.
"Lateegra is pleased to have acquired the B-14 Property
representing an important addition to Company's expanding portfolio
of quality gold projects in the Abitibi region of northern Ontario
and Quebec," stated President and CEO Chris Verrico. "Altered
porphyry systems are a feature of all of Lateegra's projects in
Ontario and Quebec, including the DeSantis, Stoughton and
Beschferer projects. Within the Abitibi region, these types of
rocks are known to be associated with world-class gold
deposits."
ON BEHALF OF THE BOARD OF DIRECTORS
Christopher Verrico, President and CEO
Cautionary note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specifically noted, are considered speculative. The company has not
filed a National Instrument 43-101 report on any property, but will
do so as soon as the information is available. Any and all other
resource or reserve estimates are historical in nature, and should
not be relied upon. By their nature, forward looking statements
involve risk and uncertainties because they relate to events and
depend on factors that will or may occur in the future. Actual
results may vary depending upon exploration activities, industry
production, commodity demand and pricing, currency exchange rates,
and, but not limited to, general economic factors. Cautionary Note
to US investors: The U.S. Securities and Exchange Commission
specifically prohibits the use of certain terms, such as "reserves"
unless such figures are based upon actual production or formation
tests and can be shown to be economically and legally producible
under existing economic and operating conditions.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Lateegra Gold Corp. Damien Lowry Corporate Development
604-669-9330 or Toll Free: 1-866-669-9377 604-669-9335 (FAX)
info@lateegra.com www.lateegra.com
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