Will gold pushing 1000 USD/oz (althou it is down to below 900 today) warm the hearts of investors for Alaska?
Tuesday, March 10, 2009
Mantra Mining buys 5 NovaGold properties in return for 7 pct stake-->
TSX Venture listed Mantra Mining Inc said it has acquired five properties from NovaGold Resources Inc totaling approximately 397,680 acres of Alaska State mining claims in return for 3.125 million Mantra shares, or a 7 percent stake.
The properties include the Colorado Creek and Tintina gold exploration properties and the Kugruk, Baird and Omilak polymetallic base metal properties.
Mantra president Raj Chowdhry said: "We feel that there is excellent potential to advance the properties and add value for our shareholders. We are especially excited about the Tintina properties in the potential of the Kuskokwim gold belt and the Colorado Creek gold project in particular - this will no doubt be the focus of our exploration efforts this summer. Meanwhile we will evaluate strategic alternatives for the base metal assets."
The Colorado Creek property lies in the Tintina Gold Belt in southwest interior Alaska and consists of 21,560 acres of 100 percent owned Alaska state claims and 5,320 acres of Alaska state claims under purchase option to acquire 100 percent.
The Tintina group of properties consist of five claim blocks totaling approximately 93,280 acres of 100 percent owned State of Alaska mining claims situated 135 to 165 kilometers south-southwest of the Donlin Creek gold deposit in southwest Alaska.
The Kugruk property is located on the Seward Peninsula and consists of 176,640 acres of 100 percent owned Alaska state claims and 640 acres of leased Alaska state claims. Exploration work to date has identified copper-iron, lead-zinc-silver and gold mineralization.
The Baird property is located in northwest Alaska and consists of 80,560 acres of 100 percent owned Alaska state claims and the 9,600 acre Omar claim block where Mantra is earning a 60 percent joint venture interest from Teck American Inc. The Baird property covers a large area of copper-zinc-barite occurrences. The property lies 100 kilometers southeast of Red Dog, the world's largest zinc producing mine.
The Omilak property is located in the eastern Seward Peninsula and consists of 19,680 acres of 100 percent owned Alaska state claims. The Omalik property covers an area surrounding the historic Omilak lead-zinc-silver mine which was active during the late 19th century and produced high grade direct shipping silver ore.
Mantra Mining buys 5 NovaGold properties in return for 7 pct stake-->
TSX Venture listed Mantra Mining Inc said it has acquired five properties from NovaGold Resources Inc totaling approximately 397,680 acres of Alaska State mining claims in return for 3.125 million Mantra shares, or a 7 percent stake.
The properties include the Colorado Creek and Tintina gold exploration properties and the Kugruk, Baird and Omilak polymetallic base metal properties.
Mantra president Raj Chowdhry said: "We feel that there is excellent potential to advance the properties and add value for our shareholders. We are especially excited about the Tintina properties in the potential of the Kuskokwim gold belt and the Colorado Creek gold project in particular - this will no doubt be the focus of our exploration efforts this summer. Meanwhile we will evaluate strategic alternatives for the base metal assets."
The Colorado Creek property lies in the Tintina Gold Belt in southwest interior Alaska and consists of 21,560 acres of 100 percent owned Alaska state claims and 5,320 acres of Alaska state claims under purchase option to acquire 100 percent.
The Tintina group of properties consist of five claim blocks totaling approximately 93,280 acres of 100 percent owned State of Alaska mining claims situated 135 to 165 kilometers south-southwest of the Donlin Creek gold deposit in southwest Alaska.
The Kugruk property is located on the Seward Peninsula and consists of 176,640 acres of 100 percent owned Alaska state claims and 640 acres of leased Alaska state claims. Exploration work to date has identified copper-iron, lead-zinc-silver and gold mineralization.
The Baird property is located in northwest Alaska and consists of 80,560 acres of 100 percent owned Alaska state claims and the 9,600 acre Omar claim block where Mantra is earning a 60 percent joint venture interest from Teck American Inc. The Baird property covers a large area of copper-zinc-barite occurrences. The property lies 100 kilometers southeast of Red Dog, the world's largest zinc producing mine.
The Omilak property is located in the eastern Seward Peninsula and consists of 19,680 acres of 100 percent owned Alaska state claims. The Omalik property covers an area surrounding the historic Omilak lead-zinc-silver mine which was active during the late 19th century and produced high grade direct shipping silver ore.
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