King’s Bay Gold Corporation Completes an Airborne Geophysical Survey at its Darkwater Gold Mine Property in Northwestern Ontario
February 21, 2013 (Source: Newswire) Winnepeg, MB — King’s Bay Gold Corporation (TSX.V: KBG) is pleased to report that a 161 kilometre high-resolution helicopter-borne magnetic and electromagnetic geophysical surveyhas been completed over its 100% owned Darkwater Gold Mine at Sturgeon Lake Claims property located approximately 30 kilometres north of Ignace, Ontario in the Valora Area of the Patricia Mining Division of northwest Ontario.
Fugro Airborne Surveys, a division of Fugro Canada Corp., flew the survey at an average 50-metre line spacing and 60-metre ground clearance. King’s Bay Gold is now in possession of the resulting maps and the company is studying the results to determine the presence and nature of any new targets and extensions of existing mineralization. Of particular note is that the survey included the production of both tilt derivative and horizontal gradient maps, the combination of which are highly suitable for mapping shallow basement structure and mineral exploration targets.
King’s Bay Gold President & CEO, Jim Rogers commented “We now have the high quality geophysical surveys in place that will help us to project extensions of known structures as well as target new discovery opportunities. It has been over 75 years since any real exploration has taken place on the Darkwater Mine Property. This detailed geophysical survey combined with improved exploration and mining technology and the historical results suggest that the property could have all of the ingredients to be a modern mine”
The first exploration of the Darkwater Gold Mine property was performed in 1935-1936 and consisted of surface mapping, sampling and 28 diamond drill holes. The program traced an approximately 300-metre long southeastward-dipping, quartz-carbonate-tourmaline lode gold-bearing quartz vein that is hosted by an intrusive igneous quartz diorite-trondhjemitic sill on the southern edge of the Sturgeon Lake Caldera Complex. Twenty six diamond drill holes, spotted at 15.2 metre (50 foot) intervals, were drilled to intersect the vein at a depth of 38 to 46 metres below surface and the other two to intersect the main vein 92 metres below surface.
“Samples taken across the vein in surface pits and trenches showed variations from nil or a trace to over 2 ounces per ton. Samples taken in 6 trenches and on a stripped zone 100 feet long in the southwestern continuous vein section gave an average uncut assay of 0.268 ounces of gold per ton for a distance of 321 feet across an average width of 4.3 feet. Bulk samples from these trenches and the stripped zone were shipped out for assay in the fall of 1936. A total of 23.45 tons gave an average of 0.348 ounces per ton. The second or central section of the vein zone contained only small lenses of quartz, and no estimate of the average gold content could be made. The third or northeastern section gave an average of 0.414 ounces per ton for a length of 95 feet across an average width of 5.6 feet. A bulk sample of 4.2 tons assayed 1.03 ounces per ton.” (Horwood 1937)
The underground exploration program completed in 1936-1937 at the Darkwater Gold Mine consists of a 3-compartment vertical shaft to a depth of 129.2 metres; levels at 38.1 metres (125 ft), 76.2 metres (250 ft), and 114.3 metres (375 ft), and with 1,091.4 metres of drifts, 149.3 metres of crosscuts and 113.4 metres of raises. Work at the mine ceased in 1937. Based on Horwood (1937), the results of the historical surface and underground gold sampling are as quoted below.
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“On the 125 ft level … Three sections vertically below the southwest 515-foot section averaged 0.262 ounces per ton across an average width of 5 feet for a combined length of 445 feet. …. A total of 211.2 tons indicated, by test-mill methods, an average of 0.135 ounces per ton. The central faulted section along a length of 428 feet on the 125-foot level contains three quartz lenses, which, except for a 60-foot section averaging 0.277 ounces across 5.3 feet, do not contain more than 0.11 ounces of gold per ton. The northwest section of the vein gave an average from back samples of 0.598 ounces across an average width of 6 feet for a length of 105 feet. Bulk samples totaling 58.1 tons gave an average of 0.546 ounces per ton for the same section.” (Horwood, 1937)
“On the 250-foot level …. One bulk sample of 8.5 tons assayed 0.113 ounces per ton … Back samples from the northeastern section averaged 0.657 ounces across 1.7 feet for 65 feet.” (Horwood, 1937) No bulk samples were taken from the 114.3m (375 ft) level. The 1937 report by H.C. Horwood, Geology of the Darkwater Mine, describes in greater detail the work done, including the results of bulk sampling, and can be seen at:
King’s Bay Gold’s Qualified Person on the project, Russell Crosby, M.Sc., P.Geo. (ON) has reviewed and approved the content of this news release. King’s Bay Gold Corporation is an active Canadian mineral exploration and development company with mineral projects located in two of Canada’s emerging gold camps – the Rainy River / Kenora and Sturgeon Lake, ON gold camps.
This news release includes certain forward-looking statements concerning the future performance of King’s Bay Gold Corporation’s business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as “may”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. These forward-looking statements represent management’s best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in the Company’s recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking statements and readers are cautioned against placing undue reliance thereon. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
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