LOUNOR EXPLORATION INC. is pleased to announce the acquisition of 24 Mineral Claims in Harker Township in the Cochrane mining distinct, province of Ontario.
Lounor will pay $125,000, issue 600,000 common shares and complete a $1,400,000 work commitment over a three-year period to acquire a 50% interest in the property. The sellers have retained a 3% NSR in the property. The acquisition is subject to regulatory approval.
The Property
The Tiger Gold Property is contiguous to the Harker Gold Project on which a drilling program is currently being conducted. The Cryderman Fault crosses the Harker Property and continues onto the Tiger Gold Property. Several historical gold intercepts have been noted and were obtained during the 1980's by Perrex Gold Exploration. Perrex's best hole had gold values of 0.648 oz/t Au over 5.0 feet (Hole PX-88-34).
The Harker Gold Property and the Tiger Gold Property are located 5 km south of the Destor Porcupine Fault Zone (DPFZ) which has hosted many important gold mines in the Timmins - Porcupine Gold camp ((greater than)65 millions ounces of gold produced). The Holt McDermot Mine (1.3 million ounces) and the Harker Halloway Mine (1.4 million ounces) are located on the DPFZ about 5 km north - northeast of the property. -- www.cnxmarketlink.com
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