Mar 31 2015
Glen Eagle Resources Inc. ("Glen Eagle" or the "Company") is pleased to announce that following exceptional drilling results on its Moose Lake phosphate project located in Quebec (see News Release February 18, 2015), the Company has signed an option agreement to acquire 63 mining claims almost contiguous to the property.
The new area is called Ituk for future reference and the decision to acquire the claims was based on two separate magnetic airborne surveys conducted on both Moose Lake and Ituk. The two airborne surveys have outlined large anomalies bearing similar magnetic signatures. The main phosphate-bearing body on Moose Lake was estimated intially to be 1.5 kilometer long by 250 meters wide which was reconfirmed with a greater degree of certainty by the latest drilling campaign encompassing more than 3300 meters of drilling.
The option agreement requires the following:
1- $50,000 on ground prospecting in 2015.
2- $200,000 on drilling over the next 3 years.
3- A cash payment of $20,000 at the end of year 3.
The Company will announce later this week an update on its operations in Nicaragua and Honduras as previously stated in its latest News Release.
Source: http://www.gleneagleresources.com/