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King's Bay Gold Acquires Bissett Area Gold Property
Wednesday March 31, 11:06 am ET
WINNIPEG, Manitoba--(BUSINESS WIRE)--March 31, 2004--King's Bay Gold Corp. (TSX VENTURE:KBG - News) is pleased to announce that it has entered into an option agreement with Falcon Crest Resources Inc. to acquire up to a 50% interest the Gold Horse claims located in the Bissett area, Rice Lake Greenstone Belt, Manitoba.
The Gold Horse prospect consists of 4 contiguous mining claims (1000 acres) where gold occurs in quartz veins and stringer systems, within shear faults and fractures. The Bissett area is host to a gold mine (historically known as the San Antonio Mine), which produced 1.36 million ounces of gold from 4,876,000 tons. It is located approximately 100 km west of Red Lake on the extension of the Uchi Lake Greenstone Belt. It consists of a mill, complete with a tailings management area, hoist, shaft and surface infrastructure that was newly installed in 1996-1997.
Exploration Potential
Prior trenching, stripping and channel sampling on the Gold Horse claims has identified many gold bearing quartz veins and revealed some significant results to date.
The east vein was found to be 100 metres long and averaging 0.50 ounces gold per ton over 0.30 metres.
Detailed sampling of another vein called the Eleanor established 32 metres in length, 1.34 metres in width averaging 0.21 ounces gold per ton. Some selected grab samples assayed over 2 ounces of gold per ton.
The west vein was found to be 36 metres in length, 2.5 meters wide and gave an average 0.223 ozs. gold per ton.
The south vein was discovered on the edge of a swamp, a grab sample carried 3.86 ounces gold per ton and has been exposed for only a few metres along strike.
Structural Geology
A pervasive regional foliation was observed in all outcrops, averaging 280 to 290 degrees/80-85 degrees. This is parallel to the main contact between the granodiorite to the south and all other rock types, to the north. This contact was not observed in the outcrops. It runs underneath a prominent swamp. Shearing was observed in several locations across the property, and generally runs parallel to the main foliation. Occasionally it runs at a low angle to the main foliation. The shear zones are typically narrow, at 1-10 metres wide. At the Eleanor Vein the shear is reported to be 40 metres wide. The frequency of shear zones increases towards most swamp edges. This indicated that a major shear is likely to exist under the main swamp (at Gold Horse 1), with secondary splay faults and shears on the smaller, branching swamps.
Source (J.W.Campbell, P.Eng, 1999 Report)
King's Bay has agreed to pay Falcon Crest $5000 on signing. To earn the 50% interest King's Bay must incur exploration expenditures on the project to the sum of $200,000 over a three-year period. Upon the company earning the 50% interest, King's Bay and Falcon Crest shall enter into a joint venture agreement under standard industry terms. The option agreement is subject to regulatory approval.
Area News
The area has seen an increase in activity lately. Our neighbors San Gold and Gold City just announced on March 29 the completion of the acquisition of Harmony Gold (Canada) Inc, which gives them the Bissett Mine and other claims. It is understood from their web site that the partners will attempt to return the Bissett Gold Mine to production in the very near future.
Richard Rivet said, "We believe that to date King's Bay Gold has assembled a significant number of quality exploration projects. It is our plan to continue with an aggressive acquisition strategy and a long term thinking approach that will allow us to continue moving forward and accomplish our goal of becoming one of the emerging leaders in the Canadian Mining Industry.
"We have distanced ourselves from the industry core by purchasing our own drill rigs, bulldozers and most of the equipment required to carry out all of the various phases of exploration, it is our belief that this in-house exploration and drilling capability will allow us to move in a moments notice when opportunities present themselves.
"We wish to thank our supporters who continue to believe in us going forward and look to the future with great enthusiasm."
About King's Bay Gold
King's Bay Gold Corporation (TSX.V - KBG) is a fairly new Canadian mineral exploration company with a specific focus on prospective gold properties in Ontario, Canada. The company is well financed and has assembled a portfolio of precious metal prospects, including strategic locations in the Red Lake, Pickle Lake, Wawa and Kenora gold districts. Most of the company's properties are located in close proximity to present and past producing mines. The company also owns its diamond drill rigs and most of the equipment required to carry out all of the various phases of exploration.
Issued and outstanding shares 14,394,082
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release
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Contact:
King's Bay Gold Corporation
Richard Rivet, 204-253-4653
Fax: 204-224-0306
info@kingsbaygold.com
http://www.kingsbaygold.com
or
Current Capital Corp.
John Robinson, 416-860-0211
Fax: 416-361-6228
john@currentcapital.com
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Source: King's Bay Gold Corporation
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