GOLD: Joshua Gold acquires King Solomon’s mine

ONTARIO - Joshua Gold Resources (JSHG) announced this week that it acquired a 100% interest in the King Solomon’s mine in northern Ontario in exchange for 8 million of its common shares and a 2% set smelter royalty. King Solomon’s mine (KSM) is located in Davis Township, approximately 72 km northeast of Sudbury. The property consists of four claims that occupy approximately 1 sq. km. According to Joshua Gold, the area is primarily underlain by Precambrian rocks consisting of Huronian sediments and intruded by Nipissing gabbro sills and dykes. In a press release, the company said that a prospecting program carried out last August was successful in locating and sampling numerous old trenches. A team on the ground took seven grab samples which, once analyzed, showed gold values that range from 0.13 g/t to a highly anomalous 209 g/t gold. “The KSM property acquisition helps diversify our northern Ontario gold land portfolio,” Ben Fuschino, CEO of the Woodstock-based miner, said in a media statement. “The initial results are promising; our geological team will focus on how JSHG can best explore the mineral potential of KSM.” This story originally appeared on www.Mining.com.