Masuparia Gold Corporation ("the Company") is pleased to provide an exploration update on the Preview Lake Project on which it has an agreement to acquire 50% of Golden Band Resources' 100% interest as part of the expanded La Ronge South Gold Joint Venture (LRSG JV) (see news release of April 2, 2012).
The current exploration program, which has completed approximately 70% of Masuparia's buy-in obligation, has been under the supervision of Mike Jamieson, P. Geol. of Taiga Consultants Ltd., a qualified person. A component to Golden Band's purchase arrangement with Cameco for the property was the delivery of the technical files. These technical reports document historic exploration expenditures in excess of $25.1 million by Cameco and their joint venture partners. Because these files were in paper format, to facilitate their access and utilization, they have been digitized through the services of Taiga Consultants Ltd. Government geological mapping and the high resolution topographic base for the project have been obtained, including a tabulation of all historical mineral occurrences filed with the Government.
To assist in the compilation and prioritization of exploration targets, a summer 2012 prospecting and geological examination of historical targets was undertaken. In addition, the LRSG JV acquired high-resolution aeromagnetic coverage of the project at a line spacing of 75 metres. A combination of all the above will form the basis of a new comprehensive report outlining exploration targets and their priorities.
Preliminary results have already outlined targets of interest which are highlighted below:
Duck Lake Occurrence (Claim S-6924)
This was a Cameco discovery that had been sampled and trenched but not drill tested. Gold mineralization is associated with vein quartz and a sheared gabbro. Historical sampling returned values up to 2.35 oz/t gold.
Prospecting samples from this year confirmed the mineralization with the following grab sample results:
Au g/t
M-12-002 0.56
M-12-003 13.89
M-12-004 3.98
Ramsland Lake Occurrence (Claim S-101681)
This occurrence has been the subject of extensive historical trenching and diamond drilling by Cameco and others. Records for 33 diamond drill holes are available. Recent forest fires have destroyed the core racks and boxes thus precluding additional sampling of the core. This occurrence will require some confirmatory drilling.
Prospecting samples from this season's work confirm the significance of the target with results of:
Au g/t
E-12-001 4.97
E-12-008 3.70
N-12-005 72.91
Joe Occurrence (Claim S-112379)
This Cameco discovery is situated north and on trend with the Preview SW project discovery by La Ronge Gold Corp. Historical surface sampling yielded assays up to 33.67 g/t Au. The occurrence was tested by Cameco with one drill hole (PRV-97-39) which yielded an intersection of 6.01 g/t Au over 3.2 m approximately 30 metres below the surface mineralization. This year's prospecting samples confirmed the location of known surface mineralization and additional zones, located to the west of the previously known occurrences, with grab samples of: 0.220, 0.230, 0.540, 1.30 and 23.53 g/t Au.
The LRSG JV option- joint venture arrangement was concluded subsequent to Golden Band's original purchase of the Preview Lake Project. A 5% net profit interest royalty in favour of Vern Studer exists on mineral claims S-112379, S-112380, S-112381, and S-112382 and a 1% gross revenue royalty in favour of Antoine McKenzie exists on mineral claim: S-101681. In consideration of 50% of Golden Band's 66.67% interest in the Preview Lake property, Masuparia has paid Golden Band the sum of $278,400 and issued 75,000 common shares. The remaining 33.33% interest was acquired in a subsequent arrangement by paying the vendors their JV portion of $61,579. Masuparia is the JV Operator, paying 100% of the exploration costs in the first year's exploration program, for a minimum expenditure of $300,000; thereafter each party will pay its pro rata 50:50 share of all expenditures.
Mike Jamieson, P.Geol., of Taiga Consultants Ltd., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has approved the technical information contained in this release.