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Thursday, 20th November 2008 (973 views)

Goldstake Explorations has confirmed it now has a 60 per cent interest in the Clay Property in Ontario.

The property, which is home to six areas of gold or gold-copper-silver mineralisation, had belonged to Transpacific Resources.

However, Goldstake negotiated a deal allowing it to gain a 75 per cent share in the property on condition it spent $2.5 million (£1.7 million) on exploration at the site by the end of 2009.

It has already put $1.8 million into its exploration operations at the property, earning it the three-fifths share.

Goldstake said it had made several interesting finds at Clay, which is located in the Abitibi Greenstone Belt.

In addition to multiple gold mineralisation zones, it discovered evidence of kimberlite minerals.

The company announced in August that a ten-hole drill programme at the Clay property had uncovered visible gold in three of the first four holes examined.

 

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