Buchans Minerals Corporation has staked 52 claims in central Newfoundland covering 13 km2 of prospective geology on strike and tied onto Mountain Lake Resources Inc.’s recently purchased Glover Island Gold project. The Buchans Minerals claims cover the geological extension of the same rocks that host anomalous gold mineralization on the Mountain Lake property, extending 3 kilometres to the northeast of Mountain Lake’s claims.
Mountain Lake’s property hosts several significant gold prospects over an 11 kilometre strike length, including drilled intercepts of 7.0 m averaging 11.4 g/t gold at the Lucky Smoke prospect, 16.7 m of 5.31 g/t gold at the LPSE Prospect, and 10 m of 4.93 g/t gold at Kettle Pond South. Buchans’ property is very well situated, covering favourable geology less than 3 kilometres northeast and along strike of the Lucky Smoke prospect.
Non-NI 43-101 compliant resources have been calculated at the LPSE and Kettle Pond South Prospects, and Mountain Lake have recently announced that they intend to upgrade historical resources to NI 43-101 compliance standards, and drill additional prospects on the Property.
Buchans Minerals intends to conduct a preliminary prospecting program this spring. Results will be assessed to determine the scope of possible future programs.