Rambler Identifies Newfoundland Gold Prospects

22 September 2009 (Last Updated September 22nd, 2009 18:30)

Canadian exploration firm Rambler Metals and Mining has discovered two potential gold properties in the Baie Verte peninsula in Newfoundland. The Deer Cove and Corkscrew/Big Bear properties are located near the Nugget Pond gold processing facility, which Ramble plans to acquire and upgr

Canadian exploration firm Rambler Metals and Mining has discovered two potential gold properties in the Baie Verte peninsula in Newfoundland.

The Deer Cove and Corkscrew/Big Bear properties are located near the Nugget Pond gold processing facility, which Ramble plans to acquire and upgrade.

Rambler president and CEO George Ogilvie said that the properties complement the company's plan to become a key gold and base producer on the Baie Verte Peninsula.

“The Deer Cove deposit could take advantage of Rambler’s experienced mining and technical team while the Corkscrew/ Big Bear is a grass roots, underexplored property with significant upside potential,” Ogilvie said.

Rambler has entered into a confidentiality pact with Tenacity Gold Mining to assess the potential of developing the Deer Cove gold deposit, which contains auriferous brecciated quartz/sulphide veins.

Tenacity has already started upgrading the historic resource estimate to conform to NI43-101 regulations.

Rambler has signed an option agreement with Seaside Realty to earn a maximum of 50% undivided interest in the Corkscrew/Big Bear property.

Under the agreement, Rambler will be accountable for all geologic exploration and compilation work, while Seaside will be accountable for all diamond drilling related costs.

Rambler will assume the role of project manager for the property for two years.

The company hopes to carry out a test drill programme in the first few months of 2010, Rambler said.