Golden Ring looks to Jamaica

A recent property deal with Trev (ASE) gives Golden Ring Resources (VSE), a junior in the Prime Equities group, a new focus in central Jamaica.

Golden Ring can acquire a 100% interest in the 43-sq.-mile Bellas Gate property plus a 50% interest in an adjoining 1-sq.-mile claim by making cash payments totalling $1.9 million over a 5-year period, issuing a total of 200,000 shares, and spending no less than $5 million over a 5-year period. Trev retains a 4% net smelter return on the property.

The deal is subject to a due diligence review as well as regulatory approval. The companies plan an $800,000 initial phase of drilling primarily targeted on the Connors prospect. Previous work confirmed the presence of significant gold values associated with known porphyry-style copper mineralization. Previous drilling results include: a 255-ft. intersection from 151 ft. to 406 ft. grading 0.018 oz. gold and 0.46% copper; 210 ft. from 212 ft. to 422 ft. grading 0.011 oz. gold and 0.64% copper; and a 293-ft. intersection from 69 ft. grading 0.015 oz. gold and 0.69% copper.

The drilling will also test a second occurrence, known as the Camel Hill, which has returned intervals of 0.44% copper over 499 ft. and 0.39% copper over 775 ft.

Trev will be the operator during the initial program after which Golden Ring will assume operatorship.