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 square km
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 :
The Northern Eagle Gold project is located on the north shore of Lake Superior, 10 km east of the town of Marathon (figure 1), approximately 770 kilometres NW of Toronto. The property is situated along the Trans-Canada Highway (Highway 17). The main transcontinental line of the Canadian Pacific Railroad crosses the southern part of the property and a 115 kV power line is located in the northern part of the property. This property consists 218 staked claims, totalling 3488 hectares (34.9 km2).
The Northern Eagle Gold property, located in the western Superior Province, lies within the northern part of the Wawa Subprovince, in the Neoarchean Hemlo greenstone belt. The greenstone belt is bounded to the north, south and east by large granitoïd batholiths. The western limits of the belt and its continuity with the Terrace Bay-Schreiber greenstone belt, is intruded by the Proterozoic Coldwell alkalic intrusion and obscured by the water of the Lake Superior.
In April 2009, the Company signed a letter of intent agreement whereby Jiminex Inc. (“have an option (the “Option”) to acquire an undivided 50% of Beaufield’s undivided 100% interest in the Northern Eagle gold property (earlier referred to as the Hemlo property) by paying a non refundable cash deposit of $10,000 on signing the letter of intent and a further $90,000 cash or Jiminex common share equivalent. 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.