|By Marketwired .||
|January 8, 2014 04:39 PM EST||
RENO, NV -- (Marketwired) -- 01/08/14 -- Discovery Minerals Ltd. (OTC Pink: DSCR) CEO, Russell Smith, was pleased to announce Discovery has taken an option to purchase a royalty in a Canadian gold mine. The royalty is a 1.5% Net Smelter Revenue (NSR) interest on gold production from certain claim blocks located in Menary Township, Ontario.
The Option to purchase the NSR for $50,000 is for a six-month minimum period with an extension available at the election of the Company, by paying an extension Fee.
Highlights of the factors affecting the value of the NSR are below:
- Diamond drill program on over 4700 meters throughout multiple gold zones in quartz-carbonate hosted shears/vein systems over the Wagg area (on Patented claim).
- Multiple, visible gold hits observed in the core and in bedrock surface exposures often over 1 ounce per ton in grade.
- Preliminary bulk sample test of approximately 1000 metric tons, recovered a significant amount of free-milled gold.
- Approximately 900 tons of tailings on site; a grading of 3.5 grams per ton are on site.
- A number of other gold occurrences can be found on the property -- in the Wagg, Galbraith 'A,' New Shear and Galbraith 'B' veins.
- Property is along the strike and in the same geological belt as the Rainy River Resource (Richardson Township Deposit, now New Gold Inc. with + 5 million ounces of gold outlined -- see link to New Gold Inc. -- 'www.newgold.com')
- Property is in "good standing" and will be for at least 5+ years having over $1.2 million expended on it in the last three years -- see press release from Kings Bay Gold Corp. (link -- 'www.kingsbaygold.com' -- Menary Property).
- Total land package include 10 claims for 61 claim units or approximately 2440 acres in size.
- Property is close to Nestor Falls, Ontario, about an hour's drive south of Kenora or one hour north of Fort Frances, Ontario, and is readily accessible for field work and drilling viewing in the summer months.
- High potential for gold, silver, copper, nickel and cobalt findings on the property.
About Discovery Minerals Limited
Discovery Minerals Ltd. (FRANKFURT: A0LB3X) (Kurzel: D7Z) (OTC Pink: DSCR) is a production stage company formed to acquire and develop natural resource properties. Activities include gold, precious metals and petroleum minerals, including rare earth minerals production and sales. The Company initiated a new program to evaluate undervalued assets, including clean tech and alternative energy investments, for potential addition to its portfolio.
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