Sherman Lake Gold Project: The Sherman Lake area is located 410 km north of Red Lake, Ontario. The Sherman Lake Gold Project consists of one block of 16 leased claims. The claims are subject to a 2% Net Smelter Return royalty, which may be purchased for a consideration of US $250,000. Prospecting in 1935 led to the discovery of the Project. Follow-up trenching and drilling in 1936 identified two separate high-grade gold bearing quartz veins. The Project went into production in 1938 and produced 52,560 oz. of gold from 46,457 tons of ore (average grade 1.13 oz/ton) over its 4-year lifetime. Due to difficulties in identifying new ore zones, the mine was closed in 1941. Intermittent exploration efforts over the years by various groups in the immediate and surrounding area of the Project generated erratic results. However, work in the late 1990's identified several top priority exploration targets near the old mine workings. These targets remain untested to this day. It is the plan of GLR to investigate these targets and develop new targets through a systematic review and re-interpretation of historical data with the employment of modern exploration techniques. Mr. Warren Hawkins, P.Eng., a qualified person under National Instrument 43-101, is independent of GLR and has prepared a technical report on the Sherman Lake Gold Project in accordance with National Instrument 43-101. The technical report has been filed on www.sedar.com. The Company is in the process of planning an exploration program for the Project. Further announcements will be made on the status of exploration initiatives.
Historical gold sample from the
Sachigo River mine. God's Lake Resources Inc. |
