Junior Golden Rule Resources (GNU-T) has received encouraging gold assays from parts of two trenches in the Agyakra area of the Stenpad property, in western Ghana.
The 6,938-ha concession, situated in the Asankranga district of the West African nation, is a joint venture being explored by Golden Rule and its subsidiary, Hixon Gold Resources (HXG-V), both of which are based in Calgary.
Golden Rule is the operator.
One trench intersected 12.35 metres grading 27.5 grams gold per tonne, while another returned 13.5 metres at 16 grams gold.
The trenches are being dug by hand, 31 metres apart, in an effort to test a 350-by-60-metre gold-in-soil anomaly which is open in all directions.
The trenches are 2-3 metres deep and have been channel-sampled, with the fire assays duplicated by two commercial assay labs in Ghana. The sampled material consists of highly fractured quartz vein material, saprolitic host rock and deeply weathered graphitic argillite.
Hixon Gold will fund exploration costs to the feasibility study phase, at which point Golden Rule can back-in for a half interest by paying Hixon Gold twice its exploration costs and arranging for production financing. At the mining lease stage, the Ghanaian government can acquire a free, 10% interest in the mining operation.
The companies have also entered into an agreement with Ghanam Resources to acquire a reconnaissance licence from Fredag Co., pending approval of the Ghanaian government.
The 1-year licence applies to 83.4 sq. km of gold prospects, also in the Asankranga district.
Hixon Gold has agreed to issue 100,000 of its common shares to Ghanam Resources and assume the exploration and payment obligations of Ghanam and Fredag. As part of the acquisition, Hixon will make a $42,407 payment to Golden Rule for property acquisition and exploration costs Golden Rule has paid to Ghanam.
Golden Rule has been granted a right of first refusal to enter into an option/joint-venture agreement covering the further exploration and development of the property to the feasibility stage. Hixon will fund exploration costs to feasibility, and Golden Rule has the right to reimburse Hixon for 200% of those costs and arrange production financing in exchange for a 50% interest in the property.
Golden Rule will be the operator during the exploration stage.
Be the first to comment on "Golden Rule trenches gold prospect in western Ghana"