Source Gold, a junior mineral exploration company, has acquired the Great White North Gold property in Northern British Columbia. The company has bought this new gold prospect based on geological resemblance to the Carlin Trend Style gold mineralization. Compared to other mining district in the U.S., the Carlin Trend located in northern Nevada has generated more than 50,000,000 troy oz of gold.
Based on geochemical and surface geology data, the company believes that the new gold property shows a striking resemblance to the ATAC Resources' Rackla gold district. The Rackla Gold Project is the only Carlin-Type gold discovery in Canada.
Moreover, the proximity of the Great White North to ATAC Resources' latest gold discovery, and the geological resemblance of both the properties had made the property seller to opt for restricted shares in Source Gold and a future work commitment without receiving any form of payment for the property.
The company has purchased the 2,785 ac of potential mineral claims in Northern BC, on the Yukon border. The region features certain prolific gold discoveries. The Eskay Creek, discovered by Barrick, yielded more than 320,000 oz of gold, and the McDame Creek yielded a gold nugget of 72 oz.
Source Gold’s gold properties are located in three abundant gold source regions in North America. They include the Vulture Mine Claims in Arizona, the KRK Claims in the Beardmore-Geraldton greenstone belt, and the latest Great White North Claims in Northern BC.
Source Gold’s President, Lauren Notar commented that the company is happy to acquire the new gold prospect and the purchasing terms make it an ideal acquisition strategy for a junior gold company.
The company is planning an exploration program on the Great White North Gold Claims. The Phase I exploration program is expected to begin in 2012.