Vancouver-based Mariner Resources is working towards expanding its presence in Newfoundland, and has entered into an agreement to acquire a 100% interest in additional properties within the Exploits Subzone near its Mt. Peyton North, True Grit, and Great Bend projects.
To go ahead with the deal, Mariner will have to issue an aggregate of 1.1 million common shares to the vendors.
Together, the properties consist of 1,426 mineral claims encompassing a land area of 356.5 sq. km. They are located within the Exploits Subzone of prospective siliciclastic sediments with the northern properties along the northern extent of the Dog Bay line and the southern properties along the Gander River Ultramafic belt, which are both associated with gold mineralization in the area.
“Mariner believes that the Exploits Subzone, which runs 200 km from Dog Bay southwest to Bay d’Espoir, has been neglected since the last major exploration campaigns in the 1980s,” the miner said in a media statement. “The last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp. The sum of this knowledge is now coming together in discrete and effective exploration models that the company believes will drive major discovery. Mariner intends to leverage this shift in understanding and become one of the most extensive explorers in the Exploits Subzone.”
This story originally appeared on www.Mining.com.