Cathedral Advances Lady Property, Honduras, Through $2 Million Option Agreement.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 15, 1997-- Cathedral Gold Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CAT.) has reached an agreement with Navigator Exploration Corp. (Private) for the exploration and development of the Lady Property, Honduras. Navigator can earn a 55 percent interest by completing $2 million in project exploration and development expenditures over four years and making an initial cash payment of US$24,000. The Lady Property was initially acquired by Cathedral in 1996 and quickly advanced to the drilling stage. Cathedral completed 12 holes totaling 2,100 metres and this drilling confirmed a prospective setting for a large scale hotspring type gold deposit. The alteration system at Lady includes a "silica sinter sinter Mineral deposit with a porous or vesicular texture (having small cavities). Siliceous sinter is a deposit of opaline or amorphous silica that occurs as an incrustation around hot springs and geysers and sometimes forms conical mounds (geyser cones) or terraces. cap," with anomalous gold-silver values, which covers at least 13 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
The Navigator program The Navigator Program is a long term NASA project charged with over-seeing all missions related to the detection and characterization of Earth-like planets. It also seeks to further understand how galaxies, stars and planets form. will focus on locating the center and roots of this large gold-silver bearing alteration system. The initial exploration program will consist of an IP geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. , additional geological mapping and sampling, followed by drilling. A $250,000 budget is planned for Year 1. The Lady Property covers 110 square kilometres, is located 35 kilometres south of Tegucigalpa, the capital city of Honduras, and is on a paved road. The Navigator option and program represent excellent exploration exposure for Cathedral's shareholders during 1997. R. Michael Jones Mike or Michael Jones may refer to: In sports:
CONTACT: Cathedral Gold Corporation R. Michael Jones, 604/684-4659 |
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