Joshua Gold Resources announced this week that it acquired a 100% interest in the King Solomon’s mine in northern Ontario in return for 8 million of its common shares and a 2% Net Smelter Royalty.
King Solomon’s is located in Davis Township, approximately 45 miles northeast of Sudbury. The property consists of four claims that occupy approximately 180 acres.
Historic work at King Solomon’s mine from 1976 to 1986 consists of geological, geophysical surveys, surface trenching, sampling and 20 short DDHs
According to Joshua Gold, the area is primarily underlain by Precambrian rocks consisting of Huronian sediments and intruded by Nipissing gabbro sills and dykes.
In a press release, the company said that a prospecting program carried out last August was successful in locating and sampling numerous old trenches. A team on the ground took seven grab samples which, once analyzed, showed gold values that range from .132 grams per tonne to a highly anomalous 209 grams per tonne or 6.50 ounces per ton.
“The KSM property acquisition helps diversify our northern Ontario gold land portfolio,” Ben Fuschino, CEO of the Woodstock-based miner, said in a media statement. “The initial results are promising; our geological team will focus on how JSHG can best explore the mineral potential of KSM.”