Graphite Property Acquisitions by Joshua Gold Resources Inc.
November 18 2013 - 10:27AM
Marketwired
Graphite Property Acquisitions by Joshua Gold Resources Inc.
OAKVILLE, ON--(Marketwired - Nov 18, 2013) - Joshua Gold
Resources Inc. (OTCQB: JSHG) (the "Company") was provided the
opportunity to acquire two highly prospective graphite properties
from an experienced prospector and has capitalized on this
opportunity. The Company has acquired the Brougham Property
and Bigwood Property, two separate Graphite Prospects in the
Province of Ontario. The properties in aggregate were acquired
for 1.25 Million Common Shares of the Company for 100% interest,
with a 3% Net Smelter Royalty due to the prospector, half of which
can be repurchased at any time for $1,000,000 CDN.
The Brougham Property is 395.37 acres (160 hectares) within
Brougham Township. The property is located in the Renfrew area
(Mining District 90 of Southern Ontario, Canada). The Brougham
Property is located adjacent to the past producing Black Donald
Graphite Mine, on Black Donald Lake, central to patented mining
claims. The Black Donald Graphite Mine was one of the largest
and richest graphite deposits in North America. It had
reported historic ore grades of up to 80% Cg and during the last 10
years of mine life the average reported grade was 25-30%
Cg. 94% of the total value of Ontario graphite production came
from the Black Donald Mine. Flake, amorphous and crystalline
graphite was produced from the mine. The majority of the graphite
was used for lubricant purposes. Other grades of the material were
used for foundry facings, paints for iron and steel and stove
polish. The best grade of flake graphite averaged over 98% carbon
(Ontario Geological Survey, 2011).
The Company has also acquired the Bigwood Property a contiguous
block of 6 mining claims, with an area of 1304.72 acres (528
hectares) in Bigwood Township, Sudbury Mining District, Province of
Ontario. The property is located along the north shore of the
French River, 22 kilometers upstream from its mouth on Georgian
Bay. The Bigwood Property is a highly prospective target for
Graphite with exploration work with graphite observed in flake
aggregates of 1/16" to 1/2" in diameter. Larger flakes,
including 3" diameter flake have been found in zones of
hydrothermal pegmatitic nepheline syenite (Komerechka, 1988,
Ontario Geological Survey).
Kenty Property
The Company has continued its sampling program and is awaiting
results, expected shortly.
On Behalf of the Board of Directors,
Benjamin A. Ward President & CEO
Fred Sharpley, P.Geo is an independent geologist and is a
"Qualified Person" within the meaning of National Instrument 43-101
and has read and is responsible for the technical information
contained in this news release.
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased," "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward-looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, market conditions, competitive
factors, the ability to successfully complete additional financings
and other risks described in the Company's SEC reports and
filings.
Contact Information Merle Goertz 1 877 354 9991 Email
Contact
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