Golkor Inc (GKOR)

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Ken Stead, President/CEO, states, "We have been in negotiations for the past several months in trying to acquire this property and very excited we've closed the deal. However, while we are excited about the Copper/Cobalt content, it's the Gold potential that is most attractive. One drill hole intersected 40 meters of anomalous gold along with one meter averaging 10 grams per ton.



http://www.nl.dailybusinessbuzz.ca/Provincial-News/2011-06-02/article-2554270/NL%3A-Miner-partners-with-B.C.-companies-to-feed-Nugget-Pond-mill/1


Published on June 2, 2011
Moira Baird
The Telegram The Telegram
Topics : Maritime Resources , Commander Resources , Richmont Mines , Newfoundland , Tilt Cove East
[BAIE VERTE PENINSULA, NL] — Rambler Metals and Mining is busily looking for new ways to feed its Nugget Pond gold mill on the Baie Verte Peninsula.

To do it, Rambler has signed a deal with a pair of mineral exploration companies, Commander Resources and Maritime Resources, to develop new supplies of gold ore.

The three-company alliance aims to capitalize on record-setting gold prices, a pair of gold prospects, and spare capacity at Nugget Pond, the mill Rambler bought for $3.5 million in late 2009.

Both gold prospects are in the hands of Vancouver-based Commander and its spinoff company, Maritime Resources.

“The overall goal of this alliance is that Maritime and Commander have great exploration expertise and they’ve been working in the area for quite a long time,” said Peter Mercer, Rambler’s vice-president of corporate development.

Rambler is the owner of the Ming copper mine in central Newfoundland.

“We’re running a mine ourselves, so there’s a lot of operational experience that we can bring to the table.”

Hammerdown Revival?

One potential source of feed for Nugget Pond is the old Hammerdown gold mine operated for four years by Richmont Mines until it closed in 2004.

At the time, Hammerdown was economical when gold prices were $250 per ounce.

Since then, gold has increased six-fold — raising the possibility that the played-out mine could be feasible once again.

Mercer said Hammerdown contains some gold veins with a grade of less than 10 grams of gold per tonne.

“They weren’t economical at $250 an ounce, but at $1,500 an ounce, it certainly changes things