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NFX Gold Inc: (NFX - V)
IGL has recently aquired a total of 5,071,198 fully paid shares, representing 15.3% of the issued capital, in Toronto listed gold explorer NFX Gold Inc.
NFX Gold control the Cheminis, Larder Lake Gold Project and the Lake Abitibi Gold Project located in Northern Ontario. The ground position covers a mineralised strike extent of over 10km. The Larder Lake Gold Camp is located on strike and 7km west of the world famous Kerr Gold Mine, which produced over 11 Million ounces at a head grade of 10g/t.
Historically the Kirkland Lake Gold Camp has produced over 37 Million ounces of gold and the ground position gives IGL significant exposure to one of Canada's richest goldfields.
The Larder Lake gold properties comprise five semi-contiguous projects, Swansea, Fernland, Cheninis, Bear Lake and Barber Larder. NFX maintain a 100% interest in all properties except Fernland where it holds a 75% interest. The most recent resource evaluation, in accordance with the National Instrument 43-101 (Canada), indicates a total resource of 2,307,000t @ 6.3g/t Au (467,000 oz).
The gold mineralisation remains open along strike and at depth with significant scope to extend the resource. Recent drilling has confirmed over 600m of mineralised strike continuity within the newly discovered "flow ore zone" and the outcropping "north carconate zone" both these formations have been significant past producers.
The strategic alliance between the two international companies will enhance IGL's gold exposure in a highly prospective region of Canada. successful exploration of the mineralised systems could eventually lead to a combined underground selective mining operation as well as open cut potential. |