Thursday, February 26, 2008
Newport Gold Inc. Acquires Gold Property in BC. Canada
Newport Gold Inc. “the company” is please to announce the acquisition of 50% of TMBW International Resources Corporation’s Mac Property, a 331 hectare gold property located about 55 kilometers southeast of Vernon BC. for 1.8 million Reg S shares of the company. The company will assume all obligations to the original vendors.
The gold mineralization tested to date, approximately 200 ft in length situated in a complex zone of faulting and is open along strike and at depth, although some displacement has occurred.
Exploration work has been carried out by several companies starting in the sixties and consisted mainly of small drill programs restricted to a very small area. Drill holes in 1983 and 1988 yielded 10.2 m of .30 oz/t Au and 13m of .47 oz/t Au respectively.
In the late eighties a 126.5 m decline was driven to test the zone at depth. At the base of the decline the zone averaged 10 meters in width and returned and average grade of .42 oz/t Au. This zone is open in all directions as previous drilling was limited to a very small area (225 x 125) meters in size.
Given the easy access to the project and the widths and grades of the gold mineralization found to date ,( especially at the base of the decline) and the metallurgical report suggesting the amenability of the mineralization to satisfactory recoveries, the company may be in a position to initiate a cash flow at an earlier stage by expanding the known zone through diamond drilling.
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