The Godfrey Gold project is situated around 20km west of Timmins, Ontario, Canada, and 9km north-west of the Lakeshore Gold Timmins Mine. The property is subjected to a 2% new smelter return royalty payable to vendors. The project has recently been acquired by MPH Ventures.
MPH entered into an agreement with undisclosed vendors to acquire Godfrey on 17 September 2009. The acquisition requires the company pay $10,000 and issue 1,500,000 common shares to the vendors in proportion to their corresponding stakes in the property. The agreement was approved by TSX Ventures Exchange and was concluded on 24 September 2009.
The Godfrey Gold Property includes three closely located gold exploration properties spread over 700 acres of land in the townships of Godfrey and Bristol. The property falls in the Timmins Mining division of north-eastern Ontario.
MPH owns six gold exploration properties covering around 735ha. The company is developing a portfolio comprising seven gold properties in the region.
The acquired property is located 10km south-west of Timmins. The West Timmins district focuses on exploration and discovery activities.
MPH announced on 23 September it will raise $300,000 for the acquisition.
The Godfrey Gold mine site consists of multiple quartz veins and shear structure composed of pyrite, chacopyrite, galena and visible gold. The property indicates various historical gold occurrences.
With the positive preliminary results of the project, MPH started an exploration programme followed by a drilling programme over the newly acquired property by line cutting, mechanical trenching and ground geophysics. The exploration work will define the resources of the property.
A trench of around 125m within a heavily altered felsic intrusion was identified by the former owner of the property.
Grab samples at the mine indicate up to 13.8oz/t of gold. A sampling programme conducted by the previous operators in 2008 reported a high-grade gold outcome of 1.5oz/t Au and 0.79oz/t of gold.
The company, however, has not concluded the work required to verify the historical results since the records were old, not disclosed and were non-compliant with National Instrument 43-101.
The production at Timmins Gold camp area started in 1909 and over 70 million ounces of gold has been produced by 2009. The former and present producers developed high-grade quartz vein systems which have been mined to a maximum of 2,500m depth. The mining over the camp focused on high-grade underground gold deposits around major fault systems running over tens of kilometres across the Timmins district. Large open pits have been developed with these major fault systems.
By September 2009, the Timmins camp had produced more than seven million ounces. The major part was mined close to the Destor-Porcupine fault zone.
MPH is a gold and molybdenum exploration company engaged in mineral development in Canada. Recent discoveries in the West Timmins camp indicate further exploration and development of the region.
Other parties are also acquiring Godfrey gold properties in the area. In September 2009, Sedex Mining Corporation announced the acquisition of 100% interest in a Godfrey property consisting of eight units located at Godfrey Township, Porcupine Mining Division.