Northern Eagle Gold
Metals of interests: Gold
Ownership: 50 % Beaufield, 50% buy-in option by Jiminex
Location : 10 kms east of Marathon, Ontario – Accessible by road all year round.
Surface area : 207 claim units covering a total area of 32.80 km2
Highlights :
- Property Adjacent to Hemlo Gold mines
- The property hosts 12 kilometres of the Hemlo shear zone
- Presence of several gold showings on the property
Description :
A detailed VTEM airborne magnetic and electromagnetic survey covering 447 line kilometres has been completed on the Beaufield claim group during this quarter. The field report has been received. The survey has mapped the extent of the Hemlo shear on the property also the barite shear. Several conductors that could be representative of sulphide have been identified. Beaufield has obtained indications of interest from third parties. In April 2009, the Company signed a letter of intent agreement (“LOI”) whereby Jiminex Inc. (“Jiminex”), a Capital Pool Corporation (“CPC”), have an option (the “Option”) to acquire an undivided 50% of Beaufield’s undivided 100% interest in the Northern Eagle gold property (the “Property”), earlier referred to as the Hemlo Highway 17 property by paying a non refundable cash deposit of $10,000 on signing the LOI and a further $90,000 cash or Jiminex common share equivalent after approval of the Option by the TSX Venture Exchange. Pending regulatory approval, this acquisition will be the qualifying transaction through which Jiminex will evolve from a CPC into a junior natural resource exploration company. In addition, Jiminex must make exploration expenditures of $1,300,000 over a three year period all subject to an up to 2 % net smelter royalty to outside non-related parties. Jiminex will be operator during the Option earn-in period. When Jiminex fulfills the preceding terms, earning its 50% interest, exploration will proceed pursuant to a joint venture with Beaufield acting as operator.
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April 29, 2009
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January 29, 2009