CaribGold Announces Torngat Property Acquisition.Business Editors TORONTO--(BUSINESS WIRE)--April 10, 2000 CaribGold Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CG) reports that, following the announcement in late 1999 of a diamond discovery by Twin Gold Corporation in the Torngat of Quebec's Ungava Bay Ungava Bay (ŭng'gä`və, –gā`–), inlet of the Atlantic Ocean, N Que., Canada, extending c.200 mi (320 km) S from Hudson Strait between the N Quebec mainland and the north tip of the Labrador peninsula. area, CaribGold Resources Inc. acquired a 50% interest on two permit areas totalling 130 square kilometres. The two permits were acquired for staking costs and one block is strategically positioned next to and some two kilometres northwest of Twin Gold's diamond discovery. The presence of kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. dykes in the Northwest part of one of CaribGold's permit areas is also mentioned in a previous work report. CaribGold and its 50% staker are seeking potential joint venture operators for this property. CaribGold further reports that it will commence a work program on its optioned claim group in Northern Quebec from Beaufield Consolidated Resources Inc. from which it can earn a 50% interest on 400 claims by spending $100,000. The Beaufield option adjoins to the east of CaribGold's 100% owned Lac Evans property on which the Company located several interesting geologic environments with anomalous precious and base metal values. A regional compilation by the Company's consultant has located on the Beaufield claims a strong mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. shear trending east-west from the CaribGold eastern boundary for some 6 kilometres including one diamond drill hole originally drilled by Noramco in the 1980's which returned 15.3% Zinc, 1.0% Copper and 2.0 g/t Silver over 5.0 metres. The mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. was repeated in several shallow drill holes and followed the structure along strike for over two kilometres. This geological structure will be the focus of CaribGold's work program this summer which is considered to have substantial potential for VMS (1) (Virtual Memory System) A multiuser, multitasking, virtual memory operating system for the VAX series from Digital. VMS applications run on any VAX from the MicroVAX to the largest unit. See OpenVMS. type base metals. In regards to CaribGold's 100% owned Lac Evans property, drilling in 1999 intersected numerous narrow mineralized zones confirming geophysical anomalies. Anomalous copper, nickel, zinc and silver values were encountered and in one diamond drill hole, two narrow quartz veins in a gabbro gabbro: see basalt. gabbro Any of several medium- or coarse-grained rocks that consist primarily of plagioclase feldspar and pyroxene. Gabbros are found widely on the Earth and on the Moon. returned gold values. No further work is planned on this property for the year 2000, and the claims will be held in good standing. |
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