Nov 19 2010
Astral Mining Corporation (TSX VENTURE:AA)(TSX VENTURE:AA.WT) (PINK SHEETS:AAMJF)(FRANKFURT:A7DA) has announced that it has entered into a Letter of Intent dated November 12th 2010 whereby the company may acquire a 100% controlling interest of the Honeymoon Property located on the west side of Adams Lake, 85km northeast of Kamloops, southern British Columbia.
The Property comprises 41 contiguous mineral claims covering 18,761ha and is prospective for Intrusive Related Gold and VMS style Cu, Au, Ag and Zn mineralization.
The project is located within favorable lithologies in a district boasting past producing mines and advanced exploration projects such as Yellowhead Mining Inc's Harper Creek Copper deposit, 20km northwest of Honeymoon. Calculations reported as late as August 2010 are available on Yellowhead's website and estimate an indicated resource of 569 million tonnes averaging 0.32% Cu.
The Property is within the Kootenay Terrane, underlain by rocks of the Palaeozoic Eagle Bay Assemblage and intruded by phases of the mid-cretaceous Baldy Batholith. The property has numerous mineralized showings, soil geochemical anomalies and historical trenching. Parts of the property were optioned by Teck Corporation in May 1999, exploration targeted a large vein system exposed at the Cam Gloria showing which returned trench results of 2m averaging 9.26 g/t Au and diamond drill results including 1m grading 9.57 g/t Au and 128.4 g/t Ag.
In order to earn a 100% interest in the Honeymoon property, Astral must issue 300,000 common shares, make cash payments totaling $135,000 in increments over five years and incur exploration expenditures of $1,000,000 over 4 years.
Technical details contained in this news release have been reviewed by Dale Brittliffe, P.Geo., a Qualified Person as defined in National Instrument 43-101 and Astral's Exploration Manager, but should be viewed as historical as the work was carried out by previous parties.
Source: Astral Mining Corporation