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King's Bay Gold Corp (2)
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Close 2017-07-26 C$ 0.095
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King's Bay Gold starts exploration at Trump Island

2017-07-26 07:17 ET - News Release

Mr. Kevin Bottomley reports


King's Bay Gold Corp. has received exploration permit approval and will commence an exploration program on its 100-per-cent-owned Trump Island copper-cobalt project on the northern coast of Newfoundland.

King's Bay has assembled a technical field team to immediately investigate the historical geologic data from the past-producing copper-cobalt mine at North Trump Island. Phase 1 of the program will include a localized geophysical survey, grab sampling in existing mine shaft and reconnaissance of the remainder of the island for new showings. Pending positive results, phase 2 of the exploration program will potentially include a drilling program.

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 town of Twillingate, Nfld. The property is accessible by boat 1.5 kilometres east from the nearest boat launch at Tizzard's Harbour on NL Highway 345.

The property's history dates back to the mid-1860s when a 20-foot (6.1 metres) 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 G. 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 g/t silver near the old Clymo mine shaft. The property has not been drilled to date. The compilation of the recent 1998 to 1999 fieldwork done by Mr. 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 m) which followed a three-foot-wide (0.9 m) 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, Mr. 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.

About King's Bay Gold Corp.

King's Bay is focused on the exploration of cobalt and other high-tech metals in North America. The company believes in this emerging fast-growth sector and will continue to seek out and evaluate properties that show promise for development.

We seek Safe Harbor.

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