Quinto Real Capital announced the acquisition of a 100% interest in three promising gold and base metal properties in the Schreiber-Hemlo camp.
The properties comprise a total of 20 claims or 169 units located in the historic Thunder Bay Mining District in Northwestern Ontario, just 20 km east of Terrace Bay. The properties are within 90 km of Barrick Gold’s world class 25 million ounce Hemlo gold deposit.
The following is a summary of the properties’ best exploration results:
Sawmill Lake Property (9 claims, 80 units)
The Sawmill Lake property shows strong zinc potential, as previous sampling work on the property resulted in the discovery of a float boulder with a specimen of massive sphalerite that returned 66.0% zinc. This source of the sample has not yet been identified but will be the target of future exploration.
The property also shows potential for the discovery of gold, silver and copper, as grab sampling work done by prospectors on adjacent claims just 300 m north of the property has returned values of 44.5 g/t gold, 422.0 g/t silver and 5.4% copper. These values indicate the potential of the area even though they are not from the acquired property.
Sawmill Lake Perimeter Property (9 claims, 73 units)
Pyrite and molybdenite rich portions of the vein collected from the property’s Observation Point Occurrence by an OGS resident geologist in 1988 returned values of 5.6 g/t gold and 14.9 g/t silver from a grab sample. A second area of interest lies at the mouth of Robertson Creek, where a sediment sample from the creek has returned a value of 8.8 g/t gold.
Little Steel Lake Property (2 claims, 16 units)
Grab samples collected from the main showing on the property have returned values of 31.0 g/t silver, 3.0% lead, 1.3% copper and 2.1% zinc.
Grab samples are selective by nature and are unlikely to represent average grades on the property.
"We are very pleased with this acquisition, as we believe that the properties have strong potential for gold, silver, copper and zinc discoveries," said Michael Curtis, President and CEO of Quinto Real Capital Corporation. "Compared to other well-known greenstone belts in the region, this area is relatively underexplored and has good potential to host additional deposits."
In consideration for the properties, the sellers will receive in aggregate $4,000 and 250,000 Class A common shares of the Company (the "Common Shares"). All Common Shares issued will be subject to a holding period of four months and one day. In addition, the properties are subject to a 2% NSR on smeltable minerals or metals extracted from the properties, payable in cash or in kind to the sellers. The Company will have the right to purchase half of the 2% NSR at any time for a cash payment of $1,000,000 to the sellers.
The transaction is subject to the approval of the TSX Venture Exchange and other regulatory approvals. All parties are dealing at arm’s length.
The technical content of this news release was reviewed and approved by Garry Clark, P.Geo, a qualified person under National Instrument 43-101.