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 TSX.V; CLD
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Company Statement
- CANGOLD Limited is a junior mineral exploration & development company based in Vancouver and listed on the TSX Venture Exchange (TSX-V) under the trading symbol CLD.
- CANGOLD's mission is to create shareholder value through the acquisition and development of high quality exploration projects.
- The Company's primary focus is precious metals, especially gold, and its current geographic focus is in northern Mexico.
Current Operations
Mexico
Plomo Exploration
The 4,279 hectare Plomo project lies within the Altar desert of northwestern Sonora, approximately 320 kilometres northwest of Hermosillo and 52 kilometres northwest of Caborca by paved highway. The eastern boundary of the Plomo claim is within 4 kilometres of the highway and access around the property is excellent via secondary all weather roads. Extensive strongly micro-fractured and brecciated quartz float and outcrop with hematite and rare copper staining has been traced for approximately 1.6 kilometres with an average width of approximately 200 metres (Bonancita area). Historical dry placer workings have been noted on the property, and recent reconnaissance mapping has identified a brecciated quartz-iron oxide zone (Banco de Oro) related to a low-angle detachment fault that has been mined on a small scale. Cangold has completed detailed grid mapping and sampling of the main Bonancita quartz-hematite zone, allowing the company to quickly bring this zone to the drilling stage.
A 9 hole, 1500m drill program broke ground in early April 2008, testing targets in the Banco de Oro, Pavorreal, San Perfecto, and Bonancita zones
Cangold can acquire a 100% interest in the Plomo property by making staged cash payments totalling CDN$100,000 and issuing 700,000 shares over 5 years, subject to a 2% NSR, half of which can be purchased for CDN$500,000. The Company will also issue to the vendor 500,000 warrants priced at $0.50 and valid for a two-year period from the date of the signing of the agreement. The acquisition is subject to regulatory approval.
Northen Ontario
Argosy Gold Mine Property
The property comprises 44 patented and 57 unpatented claim units for a total of 101 contiguous claims covering 1,616 hectares. CANGOLD holds a 100% interest in the Argosy Gold Mine property subject to a 2.5% NSR.
The Argosy Gold Mine property is situated in the northern part of the Birch-Uchi Greenstone Belt of the Superior Province of the Precambrian Shield. The Birch-Uchi Belt lies between the prolific Red Lake and Pickle Lake Greenstone Belts and contains similar geology.
The property is underlain by a drag-folded sequence of mafic and intermediate volcanics, greywacke, pyroclastics and iron formation. Carbonate and sericite alteration occur over an area of about 3km x 3km. A large body of quartz porphyry occurs on the southern portion of the property and related dykes are found intruding the volcanic and sedimentary rocks. Quartz veins mineralized with sulphides and gold occur in north-south trending fractures dipping westward between 30 and 85 degrees.
CANGOLD's work has shown that gold mineralization at the Argosy Mine consists of a series of en echelon zones typically showing intense sericite alteration, "sheets" of narrow quartz veins and 1-5% coarse-grained arsenopyrite. Gold occurs as free grains and small clusters in the quartz. In the greywacke host, the quartz is typically a smokey grey colour and arsenopyrite occurs for about 10-15cm into the wallrock on either side of the veins. In the porphyry, the same smokey grey quartz veins are seen to cut an earlier, apparently barren, stockwork of milky white quartz. In the basalt, the gold-bearing quartz veins are milky white and gold occurs in close association with thin ribbons of fine arsenopyrite in the vein within a few centimetres of the wallrock contact. The argillite appears to be a relatively poor host as both alteration and veining are poorly developed in this rock type and gold grades are lower than in other rock types.
In many cases the gold mineralization consists of higher-grade intervals within broader zones of lower grade material. However, both narrow high-grade and broad low-grade intersections can occur on their own and it is common to get several of these zones in close proximity to one another, any one of which could locally blossom into a significant zone of gold mineralization.
In the Casummit Creek area, 2.5 kilometres southeast of the Argosy mine, auriferous zones are characterized by quartz ankerite veins in silicified, sericitized intermediate tuffs, argillite and mafic tuffs. Mineralization associated with the veining and altered host rock consists of disseminated arsenopyrite, pyrrhotite, and pyrite with traces of chalcopyrite and sphalerite. The tuffs strike westerly with moderate to steep northerly dips.
Geographical Spread
Canada and Mexico
Board of Directors and Key Management
| Robert A Archer | President & CEO |
| Kaare G. Foy | Executive Chairman |
| Malcolm A. Burne | Director |
| Martin Carsky | Director |
| Management: | |
| Raakel Iskanius | CFO |
| Robert F. Brown | Director, Vice President Exploration |
| Wendy Ratcliffe | Company Secretary |
Company AddressSuite 2100
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CapitalShares Issued: 87,875,745
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Annual General MeetingDecember | Year EndJune 30th |
Related News
14/01/10 - Cangold Is Poised To Strike, When The Right Deal Comes Along08/07/09 - Cangold May Develop As A Flexible Trader In Projects and Companies, Instead Of Simply Exploring For Gold
Most Recent Statement
16/07/10 - Cangold Terminates Los Venados Option31/05/10 - Third Quarter Report 2010
25/05/10 - Share Structure
31/12/09 - Second Quarter Report 2010
22/12/09 - Cangold Closes Private Placement Oversubscribed
26/11/09 - Cangold Announces $450,000 Financing