Jubilee Gold Inc. Amends Royalty With Gold Canyon Resources Inc. and Provides Update on Corporate Developments
June 07 2010 - 1:43PM
Marketwired
Jubilee Gold Inc. (TSX VENTURE: JUB) announces that it has agreed
to revise its royalty agreement with Gold Canyon Resources Inc.
whereby certain Springpole claims in the Red Lake mining District
will now be subject to a 3% NSR. Jubilee will receive $50,000 US
upon signing the revised agreement and 100,000 shares in the
capital of Gold Canyon in 2010 and a further 100,000 shares each
year for the next 5 years. In addition Gold Canyon will make
advance royalty payments to Jubilee in the amount of $70,000 per
year.
About Jubilee Gold Inc.
Jubilee came into existence on January 1, 2010 being an
amalgamation of five companies: Union Gold Inc., Sheldon-Larder
Mines, Limited, Golden Harker Explorations Limited, Wood-Croesus
Gold Mines, Limited and Milestone Exploration Limited.
Mineral Interests of Jubilee Gold Inc.
Jubilee holds 15 mineral exploration properties and royalty
interests in 5 more. Most contain known mineral occurrences
(usually gold) and are located in mining friendly jurisdictions in
Ontario, Quebec and New Brunswick. Scott Wilson RPA of Toronto
recently completed independent technical evaluations of Jubilee's
Harker and Munro projects.
The Golden Harker project (621 hectares) is an advanced stage
exploration project located 50 km northeast of Kirkland Lake in the
Larder Lake Mining district of N.E. Ontario. Pre-1990 exploration
includes 20,560 m of diamond drilling, a 312 m shaft, ramp access,
and underground development on five levels. In 1988 a resource was
calculated at 241,436 tons grading 0.178 oz/ton gold over a mining
width of 8.1 feet. This resource estimate is currently considered
historical in nature and not compliant with 43-101 requirements.
Early work was focused along a 1400-metre section of an
easterly-trending fault system. From 2005 to 2008, Golden Harker
Explorations Limited, the predecessor to Jubilee, completed an
additional 5,000 metres of surface drilling in 29 holes, and
confirmed that the Harker mineralized horizon has a strike length
of over 3 kilometres. In their technical evaluation, Scott Wilson
RPA concluded that the Golden Harker property hosts a significant
gold target and warrants an extensive exploration program.
The Munro property (600 hectares) is located 30 kilometres west
of the Golden Harker project. The Destor-Porcupine Deformation
Zone, a major fault structure, considered potentially important in
the regional emplacement of gold mineralization, passes just 3 km
to the south of Munro. The subparallel Pipestone Fault System
extends through the north part of the property. The Croesus gold
deposit, a small but very high grade past producer is 400 metres
west, while the larger and currently undeveloped Fenn-Gibb deposit
is located immediately to the southeast. The volcanic-sediment
assemblage that hosts the Fenn-Gibb deposit extends through the
south portion of the Munro property. Gold occurrences have been
previously reported at Munro associated with quartz veining,
silicified quartz-feldspar-porphyry, and fractured and silicified
mafic volcanics. Scott Wilson RPA concluded that the Munro property
hosts significant exploration potential and recommended a
substantial exploration program, focused initially on the potential
discovery of Fenn-Gibb and Croesus style mineralization.
JUBILEE PROPERTY INTERESTS
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PROPERTY LOCATION COMMENTS
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Golden Harker (621-ha) Harker Twp. ON advanced, shear-hosted
gold
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Munro Property (600 ha) Munro/Guibord Twp. ON mid-level, quartz and
shear hosted gold
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Munro North (132 ha) Munro Twp. ON early stage, favourable
for base metals
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Dale Project (112 ha) Harker Twp. ON anomalous gold, associated
with syenite
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Harker South (144 ha) Harker Twp. ON anomalous gold,
syenite/basalt contact
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Ghost Lake (144 ha) Elliott Twp. ON gold occurrence in sheared
basalt
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Magusi River (608 ha) Tannahill/Holloway Twps gold occurrence, quartz &
ON iron formation
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Dasserat Deep (284 ha) Dasserat Twp. Quebec gold, along trend of Kerr
Addison Mine
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Halcrow Creek (576 ha) Halcrow Twp. ON gold occurrence in sheared
porphyry
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Klotz Lake (276 ha) Longlac area, ON advanced gold - optioned
to Kodiak Expl.
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Elmhirst (64 ha) Elmhirst Twp. ON shear and quartz-vein
hosted gold
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Birneys Lake (1,536 ha) S.E. New Brunswick shear and vein hosted gold
& Zinc (Zn)
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True Hill (26-claims, Mount Pleasant area N.B. Geodex Minerals-Project
416ha) Operator, Sn
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Beach Hill (8 claims, Mount Pleasant area N.B. Geodex Minerals-Project
128ha) Operator
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McDougall (54cms, 864ha) Mount Pleasant area N.B Geodex Minerals-Project
Operator, Zn, In
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Royalty Interest - GermanStock Twps. ON advanced gold/Sage Gold
Clavos Inc.
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Royalty Interest Guillet Twp. Que. gold, base metals/P.
Desjardin
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Royalty Interest McGarry Twp. ON advanced gold/Armistice
Resources Corp
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Royalty Interest Springpole Lake ON advanced gold/Gold Canyon
Resources
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Royalty Interest Duprat Twp. Que gold/base metals
potential/Xstrata
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Jeffrey J. Becker,
President and Director
Neither the 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 news release.
Contacts: Jubilee Gold Inc. Jeffrey J. Becker President and
Director 416-364-0042 416-364-2630 (FAX)
thebeckergroup@bellnet.ca
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