11:32:20 EST Fri 03 Dec 2021
Enter Symbol
or Name
USA
CA



King's Bay Gold Corp (2)
Symbol KBG
Shares Issued 41,006,423
Close 2017-02-16 C$ 0.19
Recent Sedar Documents

King's Bay to acquire North Trump Island Cu-Co property

2017-02-16 09:49 ET - News Release

Mr. Kevin Bottomley reports

KING'S BAY ACQUIRES TRUMP ISLAND COPPER-COBALT PROPERTY

King's Bay Gold Corp. has entered into an agreement dated Feb. 6, 2017, with Gary Lewis, Nigel Lewis and Unity Resources Inc. to acquire a 100-per-cent title and interest in the North Trump Island copper-cobalt property in north-central Newfoundland.

Kevin Bottomley, president and chief executive officer of King's Bay Gold, stated: "The Trump Island acquisition fits in with our commitment to advancing high-grade copper-cobalt properties in Newfoundland and Labrador. The fact that there has been historical mining on the island adds a new dimension to our property portfolio."

Property overview

The North Trump Island property consists of eight mineral claims encompassing an area of two square kilometres and is located seven kilometres south of the town of Twillingate, Nfld. The property is accessible by boat 1.5 kilometres east from the nearest boat launch at Tizzard's Harbour on Newfoundland Highway 345.

The property's history dates back to the mid-1860s when a 20-foot (6.1-metre) shaft was sunk on a mineralized zone of massive chalcopyrite. At the bottom of the shaft, it was reported that the mineralized zone expanded with depth, but, due to limited technology, no further excavation could be safely continued. Follow-up grab sampling in 1999 by Gary Lewis, an experienced local prospector, revealed mineralization assaying up to 3.80 per cent copper, 0.30 per cent cobalt, 2.90 grams per tonne gold and 10.9 grams per tonne silver near the old Clymo mine shaft. The property has not been drilled to date. The compilation of the recent 1998/1999 fieldwork done by Gary Lewis suggests that a more detailed exploration program is warranted.

Exploration history

In 1863, Nicholas Clymo, a miner of Cornwall, United Kingdom, visited the area and sunk a pit to a depth of 20 feet (6.1 metres), which followed a three-foot-wide (0.9-metre-wide) mineralized zone that was said to increase in thickness with depth. He reported that a shipment of high-grade copper-cobalt ore was shipped to Swansea, England, as documented in the Newfoundland Provincial Mineral Rights Database. This shipment was said to be worth "40 pounds per fathom" (Clymo, 1863). In 1953, J. Kalliokoski of the Newfoundland Geologic Survey headed up a mapping and prospecting program for Newmont Mining Company in the area, but no sample assays were reported. In the 1990s, Gary Lewis conducted prospecting and limited rock and soil grab samples and filed a first-year assessment report in 1999 with the Newfoundland and Labrador Mineral Titles Branch.

Regional geology

The Trump Island group lies near the southeast boundary of the Notre Dame subzone of the Dunnage zone in the Central Mobile belt, locally marked by the Chanceport fault. The Central Mobile belt represents the boundary of Laurentia and Gondwanaland at the start of the Appalachian-Caledonian orogeny. The oldest unit in the Twillingate area is the Cambrian Sleepy Cove formation mafic pillow flows and breccias mixed with minor silicic volcaniclastics. The Twillingate granitoid, a high-soda trondjhemite characteristic of ophiolite assemblages, intruded the mafic formation. Zircon age dates place the granitoid as Late Cambrian (510 million years). Amphibolite dikes intrude the granitoid and mafic units with Lower Ordovician zircon ages. The ophiolite assemblages in the Notre Dame subzone host a number of copper-rich deposits that have been mined in west-central Newfoundland.

Local geology

The property claims cover the majority of North Trump Island and include mainly Sleepy Cove mafic pillow basalts and breccias that have been retrometamorphosed to chlorite-sericite-epidote schist foliated subparallel with the contact with the Twillingate granitoid. Mineralization, as is currently known, occurs as chalcopyrite, pyrite and pyrrhotite in quartz vein networks and high-sulphide lenses (Clymo shaft).

Exploration program

The initial exploration program will include additional sampling from the historical shaft area, along with geological mapping and local-scale electromagnetics. Based on successful results from these works, a drilling program would be planned for summer 2017.

Purchase consideration

In consideration for the purchase, the company will issue to the vendors an aggregate of 200,000 common shares at a deemed value of 19.5 cents per common share on the closing date. The property is subject to a 2.0-per-cent net smelter return royalty payable by the company to the vendors.

National Instrument 43-101 disclosure

Edward Lyons, PGeo, supervised the preparation of the technical information in this news release and is a qualified person as defined by NI 43-101.

About King's Bay Gold Corp.

King's Bay is focused on the exploration of cobalt and other high-technology metals in North America.

We seek Safe Harbor.

© 2021 Canjex Publishing Ltd. All rights reserved.