Apr 11 2013
Management of KHALKOS EXPLORATION INC. ("Khalkos") is pleased to announce the acquisition of 47 additional claims to the newly acquired V gold Property (See April 4, 2013 press release) located in the Villebon township located south of Val d'Or in Abitibi, Quebec. The property now consists of 49 adjacent claims for a total of 2,037 hectares wholly owned by Khalkos.
In accordance with the agreement with the vendors, which is conditional to the approval of the regulatory authorities, Khalkos wholly acquires these additional 47 claims in consideration of the issuance of 600,000 common shares and a cash payment of $20,000.
The property is well-positioned within a gold deformation corridor of more than 1 km in length containing more than ten historical gold showings. In 1999, Geologica Inc. completed a pre-NI 43-101 estimate which yielded 20,000 oz Au at 5.71 g/t Au for veins #1 to #10 on the property acquired by Khalkos. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and Khalkos is not treating the historical estimate as current mineral resources.
The property is located at around 12 km south of the former Chimo mine which produced 363 000 oz of gold between 1966 and 1996. The first gold showings were discovered in the 1930s, and underwent stripping, rock sampling, and drilling in the 1940s and 1980s, with no additional drilling since then. Historical data shows that a small-scale operation produced 35 tons at 7.54 g/t Au including a selected ton at 109 g/t Au from vein #10.
Khalkos plans on pursuing exploration work in the entire property, particularly on veins #8 and #10 which hold the highest potential for increasing the resources. Khalkos must extend the existing stripped area and to completed a systematic sampling of the gold-bearing quartz veins. A drilling campaign will also be undertaken shortly in order to confirm the extension of the veins, which were not tested at deeper than 100 m in vertical depth.
This press release was prepared by Dominique Doucet, P. Eng., President of Khalkos, Qualified Person pursuant to National Instrument 43-101.
Source: http://khalkos.com