Ressources Appalaches has announced that it has inked an agreement with Acadian Mining to purchase the Dufferin East property, which is located near the Dufferin mine in Nova Scotia.
This latest acquisition will promote the development of the mine in the future, as it is adjacent and situated directly towards the eastern part of Dufferin mine. Currently, the company holds the rights over the anticline structure, which is related to the Dufferin deposit and its expansion for more than 3.8 km.
During 2011, Acadian drilled a hole to a depth of about 150 m in the anticline structure. Numerous stratabound laminated quartz veins that are analogous to those identified at the Dufferin deposit and typical of Saddle Reef mineralized vein were noted.
Currently, the Dufferin project includes Chocolate Lake, Dufferin East, Mine Dufferin, and Dufferin North, which are situated at the same 8.4 long anticline structure. Ecum Secum and Miller Lake properties are situated on two analogous anticlinal structures located towards the southern and northern parts of Dufferin, respectively.
Ressources purchased the Dufferin East property having 5.5 sq. km area for $125,000. The payment was made twice; $50,000 was paid initially during agreement signing and $75,000 was paid six months later. The exploration claims are dependent on net smelter return royalty for 2%, which may possibly be acquired for $1 million.
The objective of the company is to identify and expand precious and base metal deposits in Canada, particularly in Nova Scotia and Québec. The initial target of the company is to explore and expand the Dufferin gold mine located in Nova Scotia.