The property is near Kings Point on the Springdale Peninsula, and earlier this year it was the site of a new gold find by the team of Noranda Exploration. Major General is a private company which plans to go public in the near future. To date, at least three separate gold zones have been defined along a 2,000-ft trend on the property with high grade results reported from the Hammer Down zone. The best drill intersection in 15 previous holes which tested the zone was 15.7 ft grading 0.51 oz gold per ton.
Major General is in the process of filing a prospectus for a public flow-through offering of its shares. President Byard MacLean said he expects the public offering to be completed by the end of November in conjunction with a listing of the company’s shares on the Vancouver stock exchange. Funding for exploration work completed to date has been provided by private placements, he said.
The Vancouver junior has an option to earn a 50% interest in the property from Noranda. A 2-stage program costing at least $1 million was planned for this year.
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