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Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Strike Gold Moves into Tanzania

Exciting news from our sponsor, Strike Gold (SRK.V).
They have entered into an Option Agreement with Canaco Resources Inc. (CAN.V) to earn an 80% interest in Canaco’s Boma Property (the “Property”). The Property is comprised of three contiguous concessions totalling 56,256 hectares (562.56 km2 ) in the Kilindi District of Tanzania. It is located approximately 40 kilometres northwest of Canaco’s Magambazi Gold deposit where, since its discovery in 2009, an aggressive exploration program continues to define significant orogenic gold mineralization for a near-term mineral resource estimate.
Canaco's President and CEO, Andrew Lee Smith on the transaction states: "Canaco's main objective has always been to progress our flagship Magambazi Project towards development; however, through our time and investment in the region, we have developed what we feel is a first mover advantage and unique understanding of the prospective geology in the area. We are pleased to have Strike Gold as a partner in developing some of our more than 1300 square kilometres in the area starting with our Boma Property. We feel that the opportunity in this under-explored area of Tanzania is regional and on a district scale, with the Boma Property very much worthy of aggressive exploration activity that can now occur while we continue to maintain our focus at Magambazi for our shareholders." 
To view a map illustrating the geographic and geologic nature of the Property, please visit the Company’s website or select the following link: