Pangea options more ground near Musselwhite

CDN-listed Pangea Goldfields has acquired rights to a second property contiguous with Placer Dome’s (TSE) Musselwhite gold property in northwestern Ontario.

In addition to the 55 claims north of Musselwhite, it can acquire the Karl-Zeemel property, southeast of Placer’s ground.

Pangea optioned the 196-claim Karl-Zeemel concession from Registry Resources (ME). To acquire it, the company must complete a series of work commitments within four years.

Upon completing a bankable feasibility study, Registry will have the right to retain a 10% carried interest and a 10% participating interest, or it may elect to hold a 3% net smelter return royalty.

Karl-Zeemel was recently explored by means of a 50-hole program, with each hole drilled to a depth of 300 ft. A geological reserve of 360,000 tons averaging 0.134 oz. gold per ton was established.