October 13, 2012
A new mineral exploration company based in Thunder Bay is searching for gold near Fort Frances.
Kesselrun Resources Ltd.'s flagship Bluffpoint Project covers 22,576 hectares in the Wabigoon Subprovince mineralized zone, located 80 kilometres northeast of the bordertown.
"We anticipate to be drilling at Bluffpoint this fall, within the next several weeks," company spokesman Adam Rabiner said Friday.
The drilling campaign follows a surface exploration program conducted there this summer which helped the company "better understand the association between alteration, structure and gold mineralization" on the property previously worked by Homestake Canada Ltd. (now Barrick Gold Corp.).
"We continue to be excited by ongoing confirmation of such a large gold mineralizing system," company president Michael Thompson said.
Previous work by Homestake identified the potential for the Bluffpoint project to host a large tonnage, granite-hosted gold deposit.
Thompson said that the company is "very excited at the potential the Bluffpoint project holds and are looking forward to advancing the project to the drill ready stage."
The Wabigoon Subprovince is host to several recent gold discoveries including Osisko's Hammond Reef Project near Atikokan and Rainy River Resources' Rainy River Project near Emo.
Accessible year-round by a network of well-maintained logging roads, Bluffpoint offers low cost exploration in an emerging gold district,
Kesselrun says.Meanwhile, Kesselrun is looking to raise $1 million in a share offering of up to two million units at a price of $0.50 each. Proceeds are earmarked for working capital and to finance an exploration program at Bluffpoint, the company says.
For more information about Kesselrun
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