Greywacke Exploration has acquired through staking, the Brunswick property in the Cote Lake Gold district in Northern Ontario.
The property was staked for Greywacke by Mr. Mike Tremblay who was recently awarded "2013 Ontario Prospector of the Year" for the Borden Gold discovery, also located in the vicinity of the Cote Lake Gold District.
The property is situated approximately 10 km northeast of IAMGOLD’s Cote Lake Gold Project and 90 km southeast of Probe Mines’ Borden Gold project. The Property encompasses approximately 10 kilometers of the Ridout Shear Zone which hosts the Cote Lake gold deposit. The Ridout Shear Zone is widely thought to represent the western extension of the Cadillac-Larder Fault Zone, which hosts both the Kirkland-Larder and Val d’Or gold camps. This zone is a regional structural break between Archean metavolcanics and Temiskaming aged sediments, analogous to the Cadillac-Lardner Break.
In conjunction with the acquisition, Greywacke will issue 200,000 shares to Mr. Tremblay as a finder’s fee for bringing the opportunity to the Company and will reimburse the staking costs incurred by Mr. Tremblay in securing the Property.
Tremblay will also retain a 1% NSR on the Property. Mike Tremblay , who is widely regarded as one of Ontario’s leading prospectors, has been actively involved in the exploration of Cote Lake, Kapuskasing and Timmins gold districts and has been involved with a number of discoveries in the area.
Company management is excited to add this project to its portfolio of early stage gold exploration projects in known gold producing regions.