Mariner Resources has just become the largest land tenure holder in Newfoundland following its acquisition of a 100% interest in Exploits Gold, a private company focused on gold exploration in the Exploits subzone in the central region of the province.
Following the buyout, done by issuing 18.9 million shares, Mariner also changed its name to Exploits Discovery, as it now holds strategic land positions in discrete blocks along the full length of the Exploits subzone.
Overall, the company holds 1,760 sq. km of gold exploration ground, with its core assets being the Mt. Peyton and Jonathan’s Pond projects, located two and 25 km west and northeast, respectively, of New Found Gold’s Queensway discovery.
According to the miner, Jonathan’s Pond hosts visible gold-bearing quartz veins up to 3 metres wide, with a current strike length of 450 metres, open in all directions with grab samples from outcrop of up to 28.82 g/t gold. The property is also situated on a 15-km magnetic anomaly, coincident with anomalous float grab samples of up to 25.8 g/t gold.
“We are pleased to have closed this transaction and to focus on the exploration of the advanced exploration targets on Mt Peyton, Jonathan’s Pond, True Grit and Dog Bay while we expand and develop additional targets with our compilation and gold prospect follow up on other ground,” Michael Collins, Mariner/Exploits CEO, said in a media statement.
This story first appeared on www.mining.com.