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NXGold Ltd.
Summary
| Project: | Peter Lake | |
|---|---|---|
| Deposit: | Peter Lake | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 1/19/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 19-1-2017: NXGold Ltd. announces a Supporting Acquisition report for its Peter Lake deposit at the Peter Lake project. Summary of property in support of acquisition. The Peter Lake Property (the “Property”) is located 40 kilometres northwest of Rankin Inl | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Jim Cuttle (Independent) | |
| ABSTRACT: | The Peter Lake Property (the “Property”) is located 40 kilometres northwest of Rankin Inlet, Nunavut between Meliadine Lake and Peter Lake and centered at latitude 63° 06' 30"N, longitude 92° 31' 26"W, on topographic map 55N/1 and 55N/2. The Property consists of mineral exploration rights under Inuit Owned Lands Mineral Exploration Agreement RI12-001 dated October 1, 2010 with Nunavut Tunngavik Incorporated (“NTI”), covering an area of 4,174 hectares, excluding the area under part of the Meliadine River that is Crown land. Application has been made to NTI to expand the area to 10,670 hectares, excluding any Crown minerals. NxGold Ltd. (formerly Lancaster Capital Corp.) (“NXG”) is party to an earn-in agreement with Meliadine Gold Ltd. (“Meliadine” or “MGL”) dated October 25, 2016, pursuant to which NxGold has the exclusive right to earn up to a 70 percent interest in the Peter Lake Property by, among other things, making certain expenditures on the Property. Three geological models are valid concepts for potential mineralization on the Peter Lake Property: (1) Greenstone hosted Quartz Carbonate vein hosted gold; (2) Iron formation/shear hosted gold; and (3) komatiite or ultramafic intrusion hosted copper-nickel-PGE deposits. | |
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