Posted in | Gold | Mining Business

Duncan Park Completes Geophysical Survey at Red Lake Property

Duncan Park Holdings announced that the planned geophysical survey has been completed by Abitibi Geophysics on its Red Lake Property.

The company has collected the results of the geophysical data analysis and the proposed targets are anticipated by April 2011 end. Subsequently, Duncan Park has planned a diamond drilling operation to examine the preferred targets.

Duncan Park’s diamond drilling operation on the land-based claims is anticipated to begin on summer 2011 and drilling on the lake-based claims will begin once the lake’s ice settings allow subsequent winter.

Also, the company will sign a definitive option agreement with Camp McMan Red Lake Gold Mines and Sphere Resources related to earn-in of the McManus property, given in the letter of intent signed between Sphere and Duncan Park at the beginning of 2011.

Duncan Park will offer $210,000 as option payment to Camp McMan to buy 100% interest in the McManus property, will gain $1,200,000 in exploration expenditures over the subsequent four years, and will issue 632,400 shares under certain situation. Sphere can get back a 51% interest by paying four times the amount shelled by Duncan Park.

Source: http://www.duncanpark.com/

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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