Z-Gold Exploration Increases Abitibi Gold Property
24 Mai 2011 - 5:55PM
Marketwired
Z-Gold Exploration Inc.(TSX VENTURE: ZGG) is pleased to announce
the acquisition of 3 mining claims (5 units), representing
approximately 80.9 hectares contiguous to its Abitibi Gold
Property. The additional claims are located in the Munro Township,
in the Larder Lake mining district, Province of Ontario, in the
famous Timmins-Porcupine mining camp within proximity to past and
existing producers.
The Abitibi Gold Property will increase in size to be comprised
of five 21 year mining leases containing 85 claims consisting of 91
claim units and of 30 claims consisting of 38 units located Munro
Township in the Larder Lake Mining Division, Province of Ontario
for a total of 2,087.9 hectares. The Abitibi Gold Property is
located approximately 86 km east northeast of the City of Timmins.
Access to the Property is easy with paved highway 101 passing near
the south boundary of the Property and gravel secondary roads
giving access to the central area of the Property.
Z-Gold Exploration inc., will pay at signature of $5,000 CDN and
issue 150,000 common shares to acquire a 100% interest in the
additional claims of the Abitibi Gold Property. The Optionor has
retained a 2% NSR in the property. This acquisition is subject to
the prior approval of the TSX Venture Exchange.
Gold exploration activity in the general Munro Township Region
has accelerated as the result of exploration successes in
neighbouring townships and along the regional strike to the east.
In Hislop Township, Brigus Gold is currently mining their Black Fox
deposit. The current proven and probable reserves are 6,336,000
tonnes grading 4.4 grams gold per tonne (Brigus Gold website).
The Abitibi Greenstone Belt is well known to have hosted a large
number of world class gold mines both large and small. Current and
past producers in the area include the Croesus Mine (1.5 km to the
South West of the Abitibi Gold Property (AGP)), St. Andrews
Goldfields (20 km to the East of the AEP), Brigus Gold (10 km to
the South West of the AGP), and the Harker Holloway Gold Mine (20
km to the East of the AEP).
The Destor-Porcupine fault zone (DPFZ) extends 200 km from
Timmins, Ontario, to Destor, Quebec. The DPFZ is part of Abitibi
Greenstone belt, known as the largest and most prolific Archean
greenstone belt in the world. In Timmins, mines are characterized
by richly mineralized and extremely deep deposits with relatively
short strike lengths but large down-plunge extensions. They have
plunge lengths of up 2 km and most remain open at depth.
Mines in the Timmins-Porcupine camp have produced over 70
millions ounces of gold (Timmins Resident Geologist Annual Report
2010, MNDM Website). Recent discoveries have added another 20
millions ounces of mineable reserves: Goldcorps Hoyle Pond complex,
as well as the Lake Shore's Timmins West mine, and their Thorne
discovery bodes well for the Timmins mining camp.
Detailed prospecting has been conducted on the property since
1984. Said exploration has included the re-evaluation of a number
of previously known gold-bearing quartz vein zones; and has
resulted in the discovery of additional associated gold zones as
well as previously undiscovered gold-bearing areas. A number of
these auriferous zones have been tested by old pits and shallow
prospect shafts. More recent exploration during the period 1984-94
has included stripping/trenching/sampling; geophysical surveys; and
follow-up, limited diamond drilling.
This gold-bearing vein in places contains abundant blebs and
coarse needles (laths) of arsenopyrite. Subsequent examinations
have shown that visible gold (spectacular in places) is present in
both the flat-lying vein and in thin, cross-cutting quartz
stringers within the highly altered (carbonatized) basaltic wall
rocks. The higher-grade gold values appear to be associated with
zones of abundant arsenopyrite present in both the quartz veins and
the adjacent wallrocks. Accessory minerals also present in the
quartz veins are minor chalcopyrite, sphalerite and fuchsite.
Z-Gold Exploration is currently conducting a 10,000 meter drill
program on the property. Three holes have been completed and assays
are pending.
Z-Gold Exploration Inc. is a publicly listed company trading on
the TSX Venture (ZGG).
This press release was prepared by Z-Gold Exploration Inc.
Neither the TSX Venture Exchange Inc nor its Regulation Services
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
About Z-Gold Exploration Inc.
Z-Gold has as its flagship property the Abitibi Gold Property
located in Munro Township in the famous Timmins mining camp. There
are many surface gold showings that require investigation by ground
geophysical surveys and followed up by a diamond drilling program.
A recent airborne survey has successfully outlined many EM and
magnetic structural features. A geophysical feature similar to the
Croesus mine has been identified. The Abitibi Gold Property
consists of 112 claims located approximately 86 kilometres east
northeast of the city of Timmins in the Larder Lake Mining
Division, Ontario.
This document may contain forward-looking statements relating to
Z-Gold's operations or to the environment in which it operates.
Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and
may be beyond Z-Gold's control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth
in other public filling. In addition, such statements relate to the
date on which they are made. Consequently, undue reliance should
not placed on such forward-looking statements. Z-Gold disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws.
Contacts: Z-Gold Exploration Inc. Rodrigue Tremblay, President
and CEO (888) 764-5195 (819) 797-0596 (819) 797-6050 (FAX)
z-gold@tlb.sympatico.ca www.zgoldexploration.com
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