- LaSalle Exploration (LSX) has launched a field exploration program at its high-grade Egan gold property in eastern Ontario
- The program will focus on the E1 gold zone, which was discovered in 2017 and remains open to the northeast
- LaSalle intends to define priority drill targets with prospecting, geological mapping and soil sampling, which will be followed by geophysical surveys
- The company has an option to earn a 100 per cent interest by paying the vendors C$350,000 in cash, issuing 700,000 shares and assuming $400,000 in exploration expenses over a three-year period
- LaSalle Exploration (LSX) is currently steady at $0.14 per share
LaSalle Exploration (LSX) has launched a field exploration program at its high-grade Egan gold property in eastern Ontario.
The program has been designed to identify priority drill targets for a later drilling campaign, and will consist of prospecting, geological mapping and soil sampling work, which will then be followed by geophysical surveys.
Particular attention will be paid to the E1 gold zone, which was discovered in 2017 and remains open to the northeast. Previous surface stripping work expanded the zone to more than 50 metres along strike, with widths ranging from five to eight metres.
Historic grab sampling collected 78 samples from the area, with results grading up to 105 grams per tonne, 47.6 grams per tonne and 67.2 grams per tonne of gold.
Ian Campbell, President and CEO of LaSalle Exploration, noted that the company is also pursuing the necessary permits for the proposed drill program.
“We are excited to begin exploring the Egan property and our exploration initially will focus on the high-grade gold mineralization of the E1 and E2 discoveries but also on target areas elsewhere on the property that have no recorded history of exploration,” he added.
LaSalle signed an option agreement on August 6, under which it may acquire a 100 per cent interest in the project by paying the vendors a total of C$350,000 in cash, issuing 700,000 shares and assuming $400,000 in exploration expenses over a three-year period.
The vendors will also retain a two per cent net smelter royalty on the Egan property, half of which may be purchased by LaSalle at any time for a one-off fee of $1.5 million. LaSalle will also have a right of first refusal to acquire the remaining half of the royalty.
LaSalle Exploration (LSX) is currently steady at $0.14 per share at 1:29pm EDT.