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Kings Bay Gold Profile


King’s Bay Gold Corporation (TSX.V: KBG) is a very active mineral resource company, which is engaged in the acquisition of interests in, and the exploration of, mineral resource properties in North West Ontario. The Corporation’s mandate is to acquire, evaluate and bring significant gold and other precious metal properties to the development stage. During the last nine years, the Corporation has been assembling a portfolio of precious metal exploration prospects most notably in the Red Lake and Pickle Lake gold camps, the majority of which are located in close proximity of present and past producing mines. Certain of these properties exhibit high-grade gold values.

The Company controls 50 % of the Bobjo Mine property. Targets include high-grade GOLD and strategic RARE METALS and RARE EARTH ELEMENTS. This Bobjo Mine property is the Company’s most active property as a large Phase 2 diamond drilling program employing several drills is in progress at this time. It is located approximately 45 kilometres east-north-east of the Town of Ear Falls, Ontario in Earngey and Agnew Townships, Red Lake Mining District and is located between the former South Bay base metals and Uchi Lake gold mines along the east limb of the Confederation Assemblage. It is comprised of a total of 9 patented claims and 250 unpatented claim units for 10,360 acres with a major power transmission line passing through the southern part of the land package. The area has a history of gold and base metal production going back as far as 80 years and the work presently being carried out by the partners represents the commencement of the first modern, systematic exploration of this property.

This property was the site of a new ultra high-grade gold discovery in December 2006, where surface grab sampling of one vein, with a width of up to approximately 6 metres returned ultra high-grade gold values of up to 2,942.7 g/t (85.84 oz/t) and 806.9 g/t (23.54 oz/t). As reported in two news releases respectively dated November 13th, 2007 and November 20th, 2007, the Bobjo Mine property is also the site of a recent, but unexpected Rare Metals and Rare Earth Elements discovery at a depth of 153 metres (Hole 14) and 258 metres (Hole 16) situated along a fault structure with an approximate ten-kilometre strike length. This new rare metals and rare earth discovery could possibly prove to be very valuable because of ever-increasing industrial and consumer demand for such strategic materials (computer chips, cellular phones, plasma TVs, lasers, nuclear power industry, environmental products) and given that 97 % of the World’s supply is now originating from the People’s Republic of China.

On March 3rd, 2008, the Company and its 50 / 50 joint-venture partner, Mainstream Minerals Corporation (TSX.V: MJO), were pleased to announce the commencement of a large 15,000 metre Phase 2 diamond drilling program at the Bobjo Mine Project. Drill targets for the Phase 2 will focus on following-up the discoveries made during a 5,300 metre 2007 Phase 1 diamond drilling program that included: (i) high-grade gold in 20 out of 23 holes of its Phase 1 holes as reported to January 8th, 2008 and (ii) the unexpected strategic rare metals and rare earth elements zone that is worthy of further exploration.

The Corporation is the operator on the majority of its projects. The Corporation is unique in the industry in that it owns, and therefore controls for itself, most of the equipment required to carry out the various phases of exploration. Key pieces of this equipment include diamond drill rigs, bulldozers and skidders. Other equipment includes rod sloops, thousands of feet of BQ and NQ drill rods, water heaters for winter drilling, high pressure water pumps and nozzles for outcrop stripping, a fleet of trucks, all terrain vehicles and a shop full of spare parts and tools.

The Corporation is debt free and is well financed. Notably, it has a well-financed joint venture partner, Richview Resources Inc., on two of its properties - the Headway Property in Red Lake, Ontario and the Pickle Lake Properties in the Connell, Dona Lake and McCullagh Townships, Patricia Mining Division, Ontario. The Headway Project has the distinction of being one of the best-positioned exploration land packages within the entire Red Lake gold camp. It is situated in very close proximity to two high-grade world-class gold mines, the Campbell (formerly Placer Dome Inc. and now Goldcorp Inc.) and the Red Lake (Goldcorp Inc.) Mines. The Pickle Lake Properties host numerous gold showings and significant drill intersects as identified by the Corporation’s 2004 and 2005 drilling programs.

The Corporation’s goal will always be growth. Strengthening the Corporation in its management team and Board of Directors, and by acquiring significantly advanced exploration projects provides shareholders with an excellent opportunity to increase the value of their investments over the long term.

The Corporation’s shorter-term goals are to advance its projects to the feasibility stage, with the intent of becoming a small to medium tier minerals producer. The quality of the Corporation’s projects, an aggressive acquisitions strategy based on acquiring properties near present and past producers, and the proven background of the management team will allow the Corporation to become an emerging leader in the Canadian mining industry.

King’s Bay Gold Corporation is a Winnipeg-based company that was incorporated pursuant to the Canada Business Corporations Act (“CBCA”) on March 20th, 1998. The Corporation became a publicly traded entity on the TSX Venture Exchange in April 2002 (TSX.V symbol: KBG). Since then, the Corporation has completed several prospective offerings and private placement offerings with the net capital raised being used to complete the exploration and development programs for the properties where it has land option and joint venture agreements.

King’s Bay Gold Corporation (TSX.V: KBG) is unique in the mineral exploration industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment, which gives the company the ability to quickly adjust work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with nine projects strategically located in Canada’s gold camps. Strategic properties include:

A property located directly adjacent to Canada’s richest gold mine,

A past producing gold mine with a new ultra high-grade gold discovery, and

other locations that are in close proximity to either past producers and / or recent discoveries.

Last changed at 10-Feb-2018 03:31PM by RockLicker