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Michigan Gold Mining Investments Inc. Acquires 70% of the St. Nicholas Copper, Uranium, Gold, Silver Property in Elliot Lake Market Wire - November 07, 2006 8:31 AM ET
Michigan Gold Mining Investments Inc. (PINKSHEETS: MGGV) is pleased to announce it has acquired seventy percent (70%) in the St. Nicholas property in Elliot Lake. The St. Nicholas consists of 55 claims (approx. 2,200 acres) situated northwest of the Elliot Lake Uranium camp in Northern Ontario Canada.
Mike White, MGGV's senior geologist describes the property as follows: "The property hosts and is adjacent to a number of significant Copper (CU) showings with minor Gold (Au) and Silver (Ag) values, intersected by previous diamond drilling completed in the in the 1960s. The mineralization appears related to significant breccia zones that have been intersected in ninety (90%) percent of the drill holes near or within the property. The drilling intersected Cu values ranging from 1.1% over 3 meters (9.6 ft.) to 0.;5% over 12 meters (43 feet), with minor Au and Ag values (.1 oz/ton and 7 oz/ton Ag). Further, the property has numerous U (Uranium) showings occurring along trend with the breccia zones along a probable West-North-West structure that parallels the North Elliot Lake sedimentary basin margins near Quirke Lake and several old uranium mines."
The geological setting of the St. Nicholas property has strong geological similarities to the area hosting the Olympic Dam Style Copper, Uranium, Gold, Silver and Unconformity related Uranium-Gold deposits. Previous exploration and mining in the Elliot Lake area have focused on conglomerate hosting Uranium with little or no consideration for other types of deposits.
MGGV's new St. Nicholas property was identified from examining the records of Mr. S. Wilcox by MVW White (PGeo). The Wilcox/MVWA prospecting Alliance retains a thirty percent (30%) interest in the property as well as a 2% royalty which MGGV has the option to purchase for two million ($2,000,000) Canadian dollars. Evaluation of Wilcox prospecting data and MNDM assessment files by MVWA is continuing.
Michigan Gold's President, Ben Fuschino commented, "Michigan Gold is delighted to be involved in the Elliot Lake camp. The St. Nicholas property's location in North America greatly reduces the political and title risk that is predominate in third world countries and offers our company a good opportunity to develop the property with less chance of running into unanticipated development costs."
Michigan gold will keep the public informed of the exploration results on the St. Nicholas property in the coming weeks.
Posts: 20 | From: West Harlem | Registered: Oct 2006
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