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| | Tue Jun 15, 2004
Silver Lynx Property Drilling Commences
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| | Cassidy Gold Corp. (CDY-TSX-V) is pleased to announce that Delta Exploration Inc. has commenced diamond drilling on the Silver Lynx copper-lead-zinc-silver prospect, located 20 kilometres west of Nelson B.C. Approximately 2500 feet of diamond drilling are planned to test several targets highlighted by an Induced Polarization (IP) survey completed over almost 14 line-kilometres in October 2003. The Silver Lynx property covers two main showings of banded disseminated, semi-massive and massive sulphides, interpreted to be a volcanogenic massive sulphide occurrence consisting of pyrrhotite, sphalerite, galena and chalcopyrite. Mapping, prospecting, soil geochemistry, ground geophysical surveys and limited diamond drilling have shown the potential to host an economic high-grade polymetallic massive sulphide deposit.
Delta has an option to acquire a 50-per-cent interest in the Silver Lynx property from Cassidy Gold Corp. (CDY-TSX-V) in August 2002, subject to a 2-per-cent net smelter return (NSR) payable to the underlying vendor by issuing 50,000 shares of Delta and paying $10,000 to Cassidy, making expenditures of $50,000 on or before the first anniversary of the approval date, making further expenditures of $100,000 on or before the second anniversary of the approval date, and making further expenditures of $150,000 on or before the third anniversary of the approval date. Delta can acquire a further 10 per cent of the Silver Lynx property by completing further exploration expenditures of $200,000 on or before the fourth anniversary of the approval date, and, upon formation of a joint venture, Delta can acquire an additional 5 per cent by financing a feasibility study.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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| | You can view the Next News Releases item: Mon Jun 28, 2004, Cassidy Gold Terminates Silver Lynx Option Agreement
You can view the Previous News Releases item: Tue Jun 1, 2004, Cassidy Gold Corporation closes private placement of 3,212,163 Units for $1,927,297.80
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