Mill City to Continue Exploration at Croxall Adjacent To Lake Shore Gold Corp.
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 06/20/12 -- MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX VENTURE: MC)(OTCBB: MCYGF)(FRANKFURT: NJ6) will continue exploration at its Croxall gold project ("Croxall" and/or the "Property") located in the West Timmins Gold District, Ontario, adjacent to Lake Shore Gold Corp. ("Lake Shore"). Recent activities at Lake Shore, excellent logistics, large land position and excellent discovery potential on the Property put Croxall on a short list of first class exploration properties located in the newest part of the developing West Timmins Gold District.
The 2,400 acre Croxall Property was optioned by Temex Resources Corp. in 2009 based on its favourable geological position and the fact that it contained known gold mineralization. It is contiguous to the east of the Gold River trend being explored by Lake Shore and is underlain by similar stratigraphy that hosts gold mineralization on the Lake Shore property. The southern portion of Croxall covers approximately 3 kilometres of the Porcupine-Destor Fault, a key marker for gold mineralization in the Timmins camp. The property is known to host more than one "syenite" type gold-bearing porphyry body similar to that being explored by Lake Shore to the west and Explor Resources to the north. Gold mineralization has also been identified by previous operators within other host rock types on Croxall.
Mill City has the option to earn a 75% interest in the Croxall Property from Temex by spending $750,000 on the Property over four years.
The Company will continue to pursue the acquisition of other mineral exploration projects to maximize shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown, Chairman, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Mill City Gold Corp.
James R. Brown
Chairman, President & CEO
403-640-0110
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Datum: 20.06.2012 - 15:00 Uhr
Sprache: Deutsch
News-ID 158386
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CALGARY, ALBERTA
Kategorie:
Mining & Metals
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