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Gold Rush Cariboo Inc.
Summary
| Project: | Horseshoe Bend | |
|---|---|---|
| Deposit: | Horseshoe Bend | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 4/16/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 16-4-2019: Gold Rush Cariboo Inc. announces a Supporting Acquisition report for its Horseshoe Bend deposit at the Horseshoe Bend project. Summary of property in support of acquisition. The Horseshoe Bend property consists of one placer lease and 6 placer | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Tim Henneberry (Independent) | |
| ABSTRACT: | The Horseshoe Bend property consists of one placer lease and 6 placer claims totaling 254.9 hectares held by location by Goldlands Inc. Gold Rush Cariboo Inc. can earn a 100% interest, subject to a 2.5% Net of Returns Royalty by making a cash payment of $2,250,000 (to be satisfied by a promissory note in favour of Goldlands Inc.); and entering into supply and purchase agreements with Goldlands Inc. for specialized gold processing equipment in the amount of $1,297,000 and for earth moving equipment with an advance payment in the amount of $300,000. The road accessible Horseshoe Bend property lies 52 kilometres southeast of Quesnel or 26 kilometres northwest of Likely, in the historic Quesnel Mining District of the Cariboo Mining Division of central British Columbia. The property is being explored for placer gold in low, middle and high level benches along the Quesnel River. The bedrock geology of the Horseshoe Bend property consists of basaltic volcanic rocks of the upper Triassic Nicola Group in the southeast, intruded by quartz monzonite of the middle Jurassic Ste. Marie Plutonic Suite through the remainder of the property. The surficial geology consists of a series of three auriferous benches on the left limit of the river. The low level bench appears to have been mined to a small extent (1,200 cubic yards) in the past. Exploration in the early 1980’s was successful in confirming the presence of placer gold in each of the low level, mid-level and upper level benches on the placer lease within the property. An historical resource estimate was calculated based on these program | |
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