Golden Dory/540 Capital Acquires Land Position in Buchans-Roberts Arm Belt, Newfoundland; Completes Deep-Penetrating Airborne EM Survey
Golden Dory Resources (a 100% owned subsidiary of 540 Capital Corp (TSX-V: FA)) is pleased to announce that it has acquired, through a combination of staking and property acquisition, 39 claims (975 ha) covering highly prospective volcanic rocks of the Robert’s Arm Group located on Pilley’s Island, northeastern Newfoundland, approximately 20 kilometers east of the company’s 100% owned Sterling copper/cobalt Property. The newly acquired claims include 15 staked claims as well as 24 claims optioned from local prospectors for a one-time cash payment of $6,440.00 and 10,000 shares and a 2% NSR with a 1% buyback by Golden Dory for $1 million (subject to TSX Venture Exchange approval).
Golden Dory is also pleased to announce that a deep penetrating airborne EM and magnetic survey has recently been completed on the Pilley’s Island and Sterling properties. The contract was awarded to Aeroquest Incorporated of Mississauga, Ontario and consisted of a helicopter borne Aerotem IV system with a depth penetration capability of 400 meters. Final processed maps are expected in 6 to 8 weeks.
Pilley’s Island has a long history of mining and mineral exploration beginning in 1891 with the opening of the Pilley’s Island pyrite mine in 1891. Several large pyritic massive sulphide deposits including the Old Mines, Jane’s Cove, Rowsell’s Cove, and Spencer’s Dock deposits have been discovered over the past 50 years as well as the base metal rich 3B, Fragmental, and Bull Road zones, which lie entirely on or immediately adjacent to the Pilley’s Island property. The geology and mineral deposits of the area are typical of the felsic-dominated, bimodal class of volcanogenic massive sulphide deposits.
The Bull Road showing was discovered by Brinex in 1967 and is reported to host 200,000 tons of copper, lead and zinc mineralization from which channel sample assays have returned up to 3.87% copper, 12.42% zinc, 0.95% lead and 0.71 ounces per ton silver over 4.6 meters. The Fragmental Zone lies about 200 meters northwest of the Bull Road zone and from which Brinex reported drill intercepts of 7.32% zinc, 1.4% copper, 0.76% lead and 0.66 ounces per ton silver over 5.49 meters. (Bull Road and Fragmental Zone results are historical data obtained from the Geological Survey of Newfoundland and are non NI 43-101 compliant). The 3-B Zone, which lies at and immediately adjacent to the property boundary with Altius Minerals Corporation, is host to approximately 250,000 tons grading 3.5% copper, 1% zinc and 25 grams per ton silver (data obtained from the Geological Survey of Newfoundland and are non NI 43-101 compliant). All mineralized zones are believed significant as they suggest potential for a high grade source on Golden Dory’s claims similar to the ores mined at the world class Buchans mining camp which produced 16.2 million tonnes at an average grade of 14.5% zinc, 7.56% lead, 1.33% copper, 1.37 grams per tonne gold and 126.0 grams per tonne silver from 1928 to 1984.
About Golden Dory
Golden Dory recently obtained a listing on the TSX Venture Exchange and is focused on uranium, gold and base metal exploration in Newfoundland and Labrador, Canada. Golden Dory also has 100% interests in the Burin uranium property, the Sterling copper/cobalt property, and the Brady gold property, a 50% interest in the Sims Ridge uranium property in western Labrador, and a 30% interest in the Portage Lake nickel/copper property in western Newfoundland. Golden Dory is seeking partners to jointly explore of its property holdings.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a “Qualified Person” under National Instrument 43-101. For further information contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Golden Dory will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included n the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
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Contact Kevin D. Keats President and CEO Golden Dory (709) 256-4201
SOURCE: Golden Dory Resources