Northstar Gold has expanded its landholding in the Kirkland Lake district of Ontario by acquiring the Rosegrove property, which sits 1.5 km northwest of the company’s flagship Miller gold property and 16 km south of Kirkland Lake Gold’s Macassa South Mine complex.
This acquisition more than doubles Northstar’s existing land position in the Boston Creek area, adding 19 contiguous mining claims totalling 12 sq. km. As consideration, the company paid $10,000 in cash and issued 50,000 common shares to the vendor.
Past exploration efforts on the Rosegrove claims have been hampered by the overlying clay, sand and glacial deposits in the area, the company said.
However, modern-day remote sensing and geophysical survey techniques are able to detect blind gold deposits masked by glacial cover in similar settings, according to the company. It plans to conduct a drone magnetometer and LIDAR survey over the Rosegrove property in early 2021.
Northstar recently completed a 28-hole (5,023-metre) diamond drill program at the Miller property, highlighted by drill intersections of 31.1 g/t gold over 0.7 metre and 15.1 g/t gold over 0.8 metre.
Shares of Northstar Gold surged 29.1% on the CSE by 1 p.m. EST Monday, giving the Canadian gold junior a market capitalization of $10.9 million.
This story originally appeared on www.MINING.com.