FULL DISCLOSURE: Canacom Group is long the equity of Canadian Gold Resources.
Canadian Gold Resources (TSXV: CAN) has added a substantial block of ground to its Gaspé Peninsula portfolio, staking 195 mineral claims covering 11,164 hectares immediately south of its Lac Arsenault and Robidoux properties.
The additions lift the company’s land position in the area by 72%, to roughly 29,225 hectares, or about 72,000 acres. The claims were acquired through map staking rather than a purchase or an option, meaning the expansion carries no vendor payments or third-party interests.
The new ground extends coverage along the Garin River Fault, a major break that runs parallel to the regionally significant Grand Pabos Fault, and both structures are regarded as prospective for vein-type gold mineralization.
That view already has some grounding on the company’s existing holdings. Robidoux hosts vein-type gold mineralization along the Grand Pabos Fault, while Lac Arsenault carries gold-silver-polymetallic vein mineralization within a more complicated structural setting of interlocking faults.
Regional government geophysical data covering the newly staked claims also picks up a broad magnetic feature, which the company suggests may represent a buried intrusive body, though they are cautious, stating that the interpretation remains conceptual and has not been verified by fieldwork or drilling.
“The staking of these lands is a logical extension of our land position in the Lac Arsenault – Robidoux area,” said Ken Chernin, interim president and chief executive officer. “Our principal objective was to secure prospective ground covering the Garin River Fault and related structures.”
The company intends to review the available geological and geophysical information across the new claims and follow that with initial field reconnaissance to determine what, if anything, warrants more attention.
The staking lands mid-season for Canadian Gold Resources, which is running prospecting, mapping and soil geochemistry across Lac Arsenault, Robidoux and VG Boulder this year. Diamond drilling is planned at both Lac Arsenault and Robidoux for late summer and fall, and excavation of a bulk sample at the flagship Lac Arsenault property is expected in the third quarter, with assays from recently completed drilling still pending.
Canadian Gold Resources last traded at $0.08 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Canadian Gold Resources. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
