Omega Gold Property located in prolific Kirkland Lake district
Recent Drill Results Include 24 Meters of 2.66g/t Gold in Open Pit Area
The Omega Gold Property is located in Larder Lake, Ontario approximately 18 miles east of Kirkland Lake, and 4 miles west of Kerr Addison a former mine that produced in excess of 10 million ounces of gold. The Omega Property and Kerr Addison both are situated on the Larder Lake Cadillac fault system. This system has produced over 40 million ounces of gold just in the Kirkland/Larder Lake area and is still a productive wealthy mining camp.
NI 43-101 Mineral Resource Estimate:
The Inferred Mineral Resource estimate, at cut-offs of 0.5 g/t Au for mineralization above an elevation of 130 m above sea level (masl), representing open-pit potential and for a cut-off of 3 g/t Au below 130 masl, representing underground potential is set out in the table below. Note that 130 masl approximately corresponds to 170 m vertical depth in areas proximal to main mineralization zones.
---------------------------------------------------------- |Cut-off grade |Tonnes |Au (g/t)|Contained (Oz)| |--------------------------------------------------------| |0.5 g/t above 130 masl|3,800,000|2.50 |306,100 | |--------------------------------------------------------| |3 g/t below 130 masl |1,200,000|4.33 |166,000 | |--------------------------------------------------------| |Total |5,000,000|2.93 |472,100 | ----------------------------------------------------------
Note: A constant bulk density of 2.89 t/m3 has been used.
The company announced it has signed a Memorandum of Understanding (MOU) with United Commodity AG (UC) of Thun of Switzerland regarding reprocessing of the tailings from the former Omega mine situated on the Company's property located in Larder lake Ontario.
Details of the MOU are summarized below.
1. Mistango provides the feed and UC and /or UC-R makes the feed processing
2. If it makes economically sense, UC will install in 2012 on its own costs a Concentrator Facility on Mistango's mining property with the purpose to concentrate the feeds before shipment to UC'S refinery. UC will extract all remaining heavy and noble metals +neutralize contaminated concentrates.
3. Mistango provides an exclusive feed recycling right to UC until the processing of the tailings is completed.
4. The two parties agree a profit (revenue minus processing costs) sharing.
5. UC is responsible for all permits and any new environmental liabilities that should occur because of UC's tailings recycling operation.
Recent Drilling Highlights
-OM-12-92: 2.419 g/t Au over 19.5m
-OM-12-93: 1.494 g/t Au over 55m
Mistango had completed the drilling of all holes in the open pit area as mentioned in the news release dated August 7, 2012, however, on review the Company decided to drill an additional six holes to better define particular areas.
OTHER PROPERTIES IN KIRKLAND LAKE
Kirkland West
7 km of the Kirkland Larder Lake fault zones cross this property. One past producer (Baldwin Mine)
Sackville Property, VMS/Gold Thunder Bay
Sackville Property, High Grade boulders found containing Zinc, Gold and Silver. Work is ongoing. 43-101 report available. We continue to search for the source of the High Grade VMS boulders. An exploration program was completed in summer 2010. An Intense Geochemical survey followed by drilling is to be completed by 2011 year end.
Casa Berardi, VMS/Gold Quebec
Large land holdings covering the Casa Berardi fault zone. Several low grade gold zones located to date. The potential of the property has a historical background with producing mines nearby. Due to the terrain exploration on this property will be carried out during the winter.