Canadian International Mineral Inc. (CIN - TSX.V) has announced that, subject to the acceptance of the TSX Venture Exchange, it has acquired a 100% interest in mineral claims located in the Thunder Bay Mining Division, Ontario, known as the Prairie Lake North/South and Prairie Lake West Properties, approximately 40 kilometers north-east of Terrace Bay, Ontario.
The Prairie Lake North/South Property consists of 218 mineral claims in 16 claim blocks covering 3,504 hectares in the Killala Lake and Cairngorm Lake Townships.
The Company will acquire the Prairie Lake North/South Property by paying an aggregate of $165,000 and issuing a total of 3,100,000 common shares over a five year period. The Company will also incur exploration expenditures totaling $360,000 over five years. The vendor will retain a 3% NSR, half of which can be purchased by the Company for $1,500,000.
The Prairie Lake West Property consists of 37 mineral claims in 3 claim blocks covering 592 hectares in the Killala Lake Township.
The Company will acquire the Prairie Lake West Property by paying an aggregate of $142,000 and issuing a total of 2,240,000 common shares over a five year period. The Company will also incur exploration expenditures totaling $250,000 over five years. The vendor will retain a 3% NSR, half of which can be purchased by the Company for $1,500,000.
The new claims surround the Prairie Lake Carbonatite Complex (PLCC). The PLCC lies at the intersection of fractures subsidiary to the northern extension of the Big Bay-Ashburton Fault (BBAF). The BBAF is deep seated, related to the Lake Superior mid continental fault, and is considered to be a controlling structure in the formation of the major alkaline intrusives at Prairie and Killala Lakes, and the Coldwell Complex, which is adjacent to the company's Dead Horse Creek (DHC) property (Sage 1987).
Field work conducted by the vendor and confirmed by CIN has located multiple new occurrences of alkaline rocks which contain REEs as well as elevated radiometric signatures. The properties are readily accessible by the principal Deadhorse Creek mainline logging road and are approximately 20 km north of the company's DHC property and adjacent to its KM 23 property.
Source: Canadian International Mineral Inc.