Z-Gold Exploration Acquires Two Gold Properties
July 02 2010 - 12:41PM
Marketwired
Z-Gold Exploration Inc. (TSX VENTURE: ZGG) is pleased to announce
the acquisition of two mining properties.
The first property consists of 96 mineral claims located in the
Casa Berardi Township in the Rouyn-Noranda Mining Division,
Province of Quebec. Z-Gold Exploration Inc. will pay $15,000 and
issue 900,000 shares at signature for an option to acquire a 100%
interest in the Casa Berardi claims. The vendor has retained a 2.0%
NSR on the property. This acquisition is subject to regulatory
approval.
This property is located in Northwestern Quebec in the prolific
Abitibi Greenstone Belt from where a large amount of Canada's gold
has been extracted. Z-Gold acquired the property for its
exploration potential. The property is contiguous to the Casa
Berardi Mine controlled by Aurizon. The property is characterized
by splay faults of the Casa Berardi Break and the same type of
alteration. Many geological input anomalies are present and
represent the splay faults and need investigation by diamond
drilling.
The second property consists of 2 mineral claims (3 units) and
is located in the Munro Township, province of Ontario. The property
is contiguous to the Abitibi Gold Property which was acquired by
the Company pursuant to the qualifying transaction. To acquire a
100 % interest in the additional claims of the Abitibi Gold
property, Z-Gold will pay $2,000 and issue 150,000 common shares at
signature. The vendor has retained a 2.0% NSR on the property. This
acquisition is subject to regulatory approval.
The Abitibi Gold Property sits within the Abitibi Greenstone
Belt and more specifically near the south boundary of the
Kidd-Munro Assemblage just north of the Porcupine Assemblage, the
contact of which is marked by the Pipestone Deformation Zone, a
regional thrust fault that can be traced from approximately
Garrison Township in the east to west of Timmins. The Property is
underlain by mafic and ultramafic volcanic rocks that vary from
peridotitic komatiite to High Fe tholeiite which have been intruded
by felsic and mafic dykes and sills.
About Z-Gold Exploration Inc.
The head office of Z-Gold is located at 15, rue Gamble East,
Suite 204, Rouyn-Noranda, QC, J9X 3B6. Z-Gold Exploration Inc. is
exploring for gold and base metals in the Abitibi Greenstone
Belt.
Z-Gold has as its flagship property the Abitibi Gold Property
located in Munro Township in the famous Timmins mining camp. There
are many surface gold showings that require investigation by ground
geophysical surveys and followed up by a diamond drilling program.
A recent airborne survey has successfully outlined many EM and
magnetic structural features. A geophysical feature similar to the
Croesus mine has been identified. The Abitibi Gold Property
consists of five mining leases containing 85 claims (91 units)
located approximately 86 kilometres east northeast of the city of
Timmins in the Larder Lake Mining Division, Ontario.
Z-Gold Exploration Inc. is a publicly listed company trading on
the TSX Venture (ZGG).
This press release was prepared by Z-Gold Exploration Inc.
Neither the TSX Venture Exchange Inc nor its Regulation Services
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
This document may contain forward-looking statements relating to
Z-Gold's operations or to the environment in which it operates.
Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and
may be beyond Z-Gold's control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth
in other public filling. In addition, such statements relate to the
date on which they are made. Consequently, undue reliance should
not placed on such forward-looking statements. Z-Gold disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws.
Contacts: Rodrigue Tremblay President and CEO 800-388-8668
819-797-8668 (FAX) zgoldexploration@gmail.com