Superior Alliance with AngloGold Ashanti Ltd.
Laurentian Goldfields Ltd. and AngloGold Ashanti Ltd. formed the Superior Alliance in 2009 to explore selected areas of Quebec, Ontario and Saskatchewan, with the objective of identifying new grassroots gold exploration projects.
Under the terms of the Superior Alliance, Laurentian grants AngloGold Ashanti the right to acquire a 60% Participating Interest in projects acquired by the Alliance, upon AngloGold Ashanti spending $5,400,000 in exploration over three years (the "Earn-In Period"). AngloGold Ashanti, at its option, may then increase its interest to 75% in any exploration project by fully funding any ongoing exploration through to the completion of a National Instrument 43-101, inferred gold resource, within three years of completion of the Earn-In Period. Any assets acquired during the Earn-In Period that do not progress to a joint venture will revert 100% to Laurentian.
In Year One of the Agreement, AngloGold Ashanti funded a total of $700,000 in exploration including $500,000 for generative exploration efforts in five selected areas in Quebec, Ontario, Manitoba and Saskatchewan, with the objective of identifying new grassroots gold exploration projects and up to $200,000 for upgrading targets within portions of Laurentian's existing Grenville Project.
In Year Two of the Agreement, AngloGold Ashanti funded $1,700,000 in exploration. The majority of expenditures focused on the Goldpines South Property. Phase 1 exploration at Goldpines South included a program consisting of Mobile Metal Ion ("MMI") soil sampling and conventional lake sediment sampling at 500 metre centers. Two significant areas of anomalous Au-As-Sb MMI geochemistry were identified, namely The Granite Zone and the SLF Zone. A Phase 2 exploration program commenced in August 2010, which included detailed soil, lake sediment and rock sampling in order to define targets for drilling. In October 2010, Laurentian completed the Phase 3 exploration program at Goldpines South, which included overburden removal and channel sampling within select gold-in-soil anomalies that had been defined by Phase 2 soil sampling.
Currently, Laurentian and AngloGold Ashanti are in Year 3 of the Superior Alliance where AngloGold is required to fund $3,000,000 in exploration to fulfill earn-in requirements. Laurentian completed an exploration program of infill and grid extension geochemical surface sampling and geological mapping on Goldpines South in 2011 and a 1,000 metre diamond drill program focused on the SLF zone anomaly.
The Superior Alliance partners Laurentian's ability to design, implement and conduct exploration in an innovative and efficient manner with a top tier gold producer, holding a proven track record of finding gold ounces through the funding of grass roots exploration projects.
Click
HERE to see Laurentian's April 29, 2009 press release for more information.
