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Aston Bay Signs Definitive Agreement for Strategic Property Surrounding its Buckingham Gold Project in Virginia, USA

Mining News - Published on Mon, 09 Sep 2019

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Aston Bay Holdings Ltd announced that it has signed the definitive agreement with a North American timber company which grants Aston Bay an exclusive option to lease the mineral rights to 10,985 acres of land located in Central Virginia, USA. This agreement formalizes the Letter of Intent signed between both parties earlier this year. Aston Bay believes these lands are highly prospective for gold and base metals mineralization. Approximately 4,873 acres of the lands included in the agreement surround the Buckingham Gold Property where recent drilling by Aston Bay has intersected significant gold mineralization, including 35.61 gram per tonne Au over 2.03m and 24.73 gram per tonne Au over 3.57m core length. The Buckingham Property and the 4,873 acres of newly acquired land lie within a significant regional gold-in-stream anomaly that is approximately 9.5 miles in length defined by placer gold in pan concentrates from 75 stream samples. Only a portion of this trend has received any known modern exploration. Where a third of the anomaly has been covered with 13 recent soil geochemistry lines, each line yielded one or multiple Au anomalies.

Mr Thomas Ullrich CEO of Aston Bay said that "We are excited to formalize this agreement and partner with such a significant landholder. This allows us to greatly expand exploration beyond the significant mineralization encountered in drilling and sampled in nearby outcrops on the Buckingham Gold Property, as well as begin exploration on several previously identified gold and base metals targets."

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Posted By : Rabi Wangkhem on Mon, 09 Sep 2019
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