Dec 16 2010
Kalahari Resources Inc. (TSX VENTURE:KLA) has announced, subject to regulatory approval, the acquisition of a 100% interest in the Bourlamaque property consisting of two claims located in Bourlamaque Township, Quebec, adjacent to the Company's flagship Lamaque property.
Consideration for the property consists of $3,500 and 100,000 shares, all payable upon regulatory approval. There is also a 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000.
The property was acquired to protect the eastern lateral extension of the Triangle Zone which is hosted within a mineralized fractured and altered tonalite which is auriferous. A systematic surface exploration program consisting of line cutting, geophysical Mag, EM and IP-Resistivity surveys, prospecting, geological mapping, sampling, trenching, outcrop stripping and drilling on priority targets will be completed this coming field season.
The Bourlamaque property is a strategically located claim block increasing the Company's position in the Val d'Or gold camp.
QUALITY ASSURANCE - QUALITY CONTROL
The Lamaque project exploration is under the direct supervision of Alain Beauregard, P.Geol., a qualified person as designated by National Instrument 43-101 who has reviewed the technical content of this release.
LAMAQUE PROJECT
Kalahari's wholly owned flagship 3,074 acre Lamaque property is located in the Abitibi Greenstone Belt one km north of the "Cadillac Break" and immediately south of the Lamaque and Sigma mines located in Val d'Or, Quebec, Canada. These two mines have produced approximately 9 million ounces of gold with the Sigma mine still in production. The Lamaque property has an inferred mineral resource of 1,365,000 tons grading 0.186 opt gold (cut) or 0.275 opt gold (uncut) as audited and reclassified by Watts, Griffis & McOuat's NI 43-101 Technical Report, dated September 2004 (see Sedar October 20, 2004 for details of report). Kalahari continues its exploration program and plans to have an updated NI 43-101 report completed in the first quarter of 2011.
Source: Kalahari Resources Inc.