GOLD NUGGET PROPERTY
PROJECT OVERVIEW
King Global has acquired 100% interest in the Golden Nugget Property (1,805 ha.) on south eastern shore of New World Island and approximately 75 km north of Gander.
Rubicon Minerals completed extensive prospecting, channel sampling and mapping during 2002 thru to 2007 and defined the New World Trend , a 5 km strike length thru the Gold Nugget property.
CHANNEL SAMPLING
The Cape Ray Fault
- An identified 5 km (mainly mineralized ) long strike length of the Cheneyville Trend
- Rubicon identified highly silicified quartz veined and gold-mineralized conglomerates irregularly exposed over a strike length of 250 m.
- The length weighted average of all 135 channel samples taken over a strike length of 250 m is 1.1 g/t with an average sample length of 0.8 m.
- The most easterly 35 m of outcrop returned an average of 2.6 g/t gold in 44 channel samples (ave. length 0.83m)
- One sample within this zone returned 87.0 g/t gold over 0.8 m.
HISTORICAL DRILLING
Historical Drilling Big Oz mineralized Trend
- In November 2007, Paragon Minerals Corp. drilled 2 holes on the Cheneyville Peninsula (total of 291 m)
- While the largest gold value returned was only 1.8 g/t gold over 0.55 m it does appear the Biz Oz trend continues eastward for at least 1 km
- The company recommended a more detailed, systematic drill program eastward and westward to test the continuity of the high grade gold showing at Big Oz
| Hole | From (m) | To (m) | Core Length (m) | Au (g/t) | Grade Au (g/t) x Width (m) |
|---|---|---|---|---|---|
| NW07-01 | 53.2 | 57.2 | 4.0 | 0.71 | 2.8 |
| NW07-02 | 4.0 | 5.1 | 1.1 | 1.35 | 1.5 |
The Golden Nugget Property consists of a 10 km long contiguous land package (1,850 ha.) of siliciclastic sediments within beds of conglomerates and mafic materials. H--igh grade gold occurs in all rock groups with channel samples having returned values of 50.2 g/t gold over 1.1 m, 87 g/t over 0.8 m and 29.2 g/t over 2.5 m. These high grade channels are contained within extensive areas of lower to medium grade gold values along the entire length of this 10 km structural corridor.