Urastar and Mosquito Complete Option Agreement for Blackpoint Au-Ag Property in Nevada
24 Agosto 2011 - 10:30AM
Marketwired
Mosquito Consolidated Gold Mines Limited (TSX VENTURE: MSQ)(OTC:
MQCMF) ("Mosquito" or the "Company") and Urastar Gold Corp.
("Urastar") (TSX VENTURE: URS)(OTCQX: URNRF)(FRANKFURT: A1JFEE)
wish to announce that the previously announced letter of intent
(see news release dated July 15, 2011), whereby Urastar agreed to
purchase a 100% interest in the BlackPoint gold-silver property
located in the major Battle Mountain-Eureka Gold Trend of Nevada,
has been finalized.
The definitive agreement allows Urastar to earn a 100% interest
in Blackpoint by making the following payments consisting of cash
and shares over a 5 year period:
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Time Cash Payments Common Shares
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On Signing LOI $25,000.00 Nil
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At Closing $225,000 250,000 shares
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Year 1 from Closing $350,000 250,000 shares
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Year 2 from Closing $1,000,000 250,000 shares
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Year 3 from Closing $1,500,000 250,000 shares
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Year 4 from Closing $2,500,000 250,000 shares
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Year 5 from Closing $4,400,000 250,000 shares
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TOTALS $10,000,000 CASH PAYMENTS 1,500,000 SHARES
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Mosquito has received the first payment of $225,000.
The property has a long history dating back to 1864. Available
records indicate production between 1933 and 1941, from the near
surface zones on the property, grading 400 gms Ag/ton to 3,700 gms
Ag/T (12 to 108 ounces per ton) was sent to a mill located at
McGill, Nevada. More recent work in 1971 concentrated on surface
sampling and several short drill holes looking at the continuity of
the higher grade silver portions of the deposits. Table 1 lists
some of the historic intersections from the 1971 drill program.
These intersections are historic and the qualified person has been
unable to fully verify the results and thus these results should
not be relied upon.
Table 1: Historic Intersections from shallow Drilling at
Blackpoint.
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hole hole hole zone zone zone
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name length length name top thickness
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feet meters feet feet
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Sl-2 112 34.14 Condor 28 84
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SL-3 112 34.14 Condor 32 60
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SL-7 84 25.60 Condor 28 27
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SL-6 200 60.96 Condor 36 24
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SL-17 88 26.82 Condor 0 52
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SL-18 300 91.44 Condor 52 24
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SL-22 120 36.58 Condor 44 16
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ER-7 136 41.45 Eagle Ridge 12 74
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ER-4 200 60.96 Eagle Ridge 44 84
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ER-16 108 32.92 Eagle Ridge 40 24
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ER-17 180 54.86 Eagle Ridge 64 18
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TRENCH 20 6.10 Eagle Ridge 0 20
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ER-9 136 41.45 Dot 80 20
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ER-3 160 48.77 Dot 96 32
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ER-11 100 30.48 Dot 24 76
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TRENCH 50 15.24 Dot 0 50
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hole Ag zone zone Ag grade
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name grade top thickness gms/T
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oz/t meters meters gms/T
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Sl-2 1.83 8.53 25.60 62.74
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SL-3 2.26 9.75 18.29 77.49
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SL-7 6.64 8.53 8.23 227.66
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SL-6 2.06 10.97 7.32 70.63
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SL-17 2.04 0.00 15.85 69.94
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SL-18 2.41 15.85 7.32 82.63
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SL-22 1.22 13.41 4.88 41.83
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ER-7 2.13 3.66 22.56 73.03
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ER-4 1.34 13.41 25.60 45.94
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ER-16 1.14 12.19 7.32 39.09
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ER-17 1.40 19.51 5.49 48.00
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TRENCH 21.00 0.00 6.10 720.01
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ER-9 11.53 24.38 6.10 395.32
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ER-3 1.46 29.26 9.75 50.06
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ER-11 4.04 7.32 23.16 138.52
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TRENCH 7.10 0.00 15.24 243.43
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No other assays are reported, although gold, copper, lead and
zinc mineralization has been described.
Examination of the surface geology shows Blackpoint hosts a
silica-sericite (or "low-sulfidation") epithermal silver-gold
system with extensive silica-sericite alteration, high grade silver
bearing veins, stockwork and breccia and scattered gold values.
This style of mineralization is typical of that found at the active
and historic mines in the area. The property is divided into two
distinct halves by an east west orientated structure with the
Condor zone in the north and the Eagle ridge and dot zones in the
south. All the previous work was centered around the silver
mineralization with no work done on looking for the gold bearing
part of the system that may be located more towards the centre or
at depth of the peripheral silver zones.
Geological work completed in 2007 by Mosquito Consolidated Gold
Mines Ltd. determined that the property had not been properly
explored, the presence of asymmetrical alteration zones, the large
east-west orientated structure offsetting the mineralized zone and
the presence of fall out breccias to the southwest, all indicate an
unrecognized southwest plunge to the system. Additional detailed
mapping confirmed a significant increase in the intensity and
thickness of the silicification toward the central area. This
resulted in the previous drill programs failing to explore the main
exploration targets beneath the exposed silica breccia zone.
Urastar will begin an aggressive exploration program of detailed
surface mapping, sampling and drilling to define and test these
highly prospective, previously unexplored exploration targets,
concentrating on finding the gold bearing portion of the system at
depth, while continue to develop the near surface silver
mineralization. Drilling is expected to begin in the next two
months.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., is a designated
Qualified Person pursuant to National Instrument 43-101 and
prepared the technical information contained in this news
release.
On Behalf of the Board
MOSQUITO CONSOLIDATED GOLD MINES LTD.
Brian McClay, President
On Behalf of the Board
URASTAR GOLD CORP.
Tom Kennedy, President and CEO
About Mosquito Consolidated Gold Mines
Mosquito Consolidated Gold Mines Limited is a mining exploration
and development company with a diverse portfolio of high potential
precious and base metals projects, located in low political risk
environments in North America. The Company's primary focus is
developing its Idaho-based CuMo project, one of the world's largest
molybdenum deposits. For more information about the company, please
visit www.mosquitogold.com and www.cumoproject.com
About Urastar Gold Corp.
Urastar Gold Corp. is a junior mining exploration and
development company focusing on gold exploration in Mexico's Sierra
Madre gold belt targeting areas containing former producing
properties. The Sierra Madre Gold Belt is one of the richest gold
belts in the world hosting several world class mines and many major
recent discoveries. For more information, please visit
www.urastargold.com
This news release includes certain statements that express
management's expectation or estimates of future performance and may
be deemed "forward-looking statements". These forward-looking
statements include plans, estimates, forecasts and statements as to
management's expectations regarding the CuMo Project. These
forward-looking statements involve assumptions, risks and
uncertainties and actual results may vary materially. For these
reasons shareholders should not place undue reliance on such
forward-looking information.
United States residents are cautioned that some of the
information that may be published by Mosquito may not be consistent
with United States Securities and Exchange Commission disclosure
rules and may be materially different from what the Company is
permitted to disclose in the United States and therefore United
States residents should not rely on such information.
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Contacts: Urastar Gold Corp. Tom Kennedy President and CEO
604-682-2928 604-685-6905 (FAX) www.urastargold.com
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