Current Business Activities
Golden River Resources Corporation is focussing
its activities in the mining and exploration industry.
Canada - Gold
The Company has reached
an agreement with Tahera to explore for gold on Tahera's extensive properties
on the Slave Craton in northern Canada. Tahera is a diamond exploration
company listed on the Toronto Stock Exchange and is engaged in the diamond
exploration in the northern Slave Craton. Tahera has developed an extensive
database to explore for diamonds and under the terms of the agreement,
Golden River Resources will use the database and geochemical samples to explore
for gold.
In late June 2002, the Company commenced acquiring a strategic land position
in the highly prospective Committee Bay Greenstone Belt. In March 2003,
it announced that it would focus its gold exploration efforts on the Committee
Bay greenstone belt, west of Melville Peninsula, Nunavut, Canada.
Slave Craton
Tahera will retain a two percent net smelter return royalty on any production
from deposits discovered as a result of the Company using the Tahera samples
and database.
Tahera's diamond exploration data that Golden River Resources will have access
to includes electromagnetic geophysical surveys, overburden and bedrock
mapping, overburden sampling and drilling data. The Tahera overburden
samples cover some 60,000 square kilometers of the northern Slave Craton
with some 17,000 samples being potentially available for gold and base
metal analysis. The overburden samples have been taken on a reconnaissance
scale with line intervals at 2.5 - 5.0 kilometers with some detailed surveys
at 50-100 meter sample spacings. The Tahera samples cover areas of known
gold mineralisation including in the vicinity of the Lupin and Ulu gold
deposits.
Tahera's Jericho and Contwoyto properties lie in close proximity to the
Lupin gold mine, which is a large, high grade, gold deposit (some three
million ounce gold endowment produced to date), currently operated by
Echo Bay Mines Ltd. Golden River Resources considers there to be significant potential
for gold mineralization, similar to that found at Lupin, on Tahera's Jericho
and Contwoyto properties.
Utilising the Tahera database in conjunction with existing public data,
Golden River Resource's objective for fiscal year ended June 30, 2003 is to delineate
new areas of gold mineralization on the northern Slave Craton that could
lead to a multi-million ounce gold discovery.
Click here for a summary of
the results of the 2004 exploration season.
Committee Bay
The Committee Bay greenstone belt, located approximately 240 kilometers northeast of Baker
Lake in Nunavut, is believed to represent one of the largest unexplored
greenstone belts in North America, with potential to host world-class
gold deposits.
The area is best known for the Meliadine Gold Project, which is currently in the pre-feasibility
stage and has a major interest held by WMC International, as well as the
Meadowbank Project of Cumberland Resources, which is in post feasibility
stage. These two projects host 7.5 million ounces of gold resources. The
Committee Bay greenstone belt is also situated in the same general region
as the developing diamond play currently being explored by De Beers, BHP-Billiton,
Northern Empire Minerals Ltd. and Stornoway Ventures Ltd. Bay Resources
has accumulated a large landholding in the belt.
Committee Bay Resources Ltd. ("CBR"), a company with large landholding in the Committee Bay area,
recently signed a letter of intent with Gold Fields Explorations Ltd.
("Goldfields"), to form a joint venture, whereby Goldfields will take
an equity position in CBR and spend US$10 million on exploration to earn
a 65% interest in that project.
Throughout the Archaean-aged
(2.73 Million years ["Ma"]) Committee Bay greenstone belt, there are numerous
gold showings spanning over an area in excess of 6,000 square kilometers.
The stratigraphy of the Committee Bay greenstone belt includes Banded
Iron Formation ("BIF"), of up to 50 meters thick, komatiite flows, basalts,
intermediate to felsic tuffs and quartz cobble conglomerates.
Deformation in the
area is recorded by major shear zones, second order faults, complex folding
and felsic intrabelt intrusions (including a pluton with the same 2.7
Ma age as the Dome Stock in Red Lake). In addition to the BIF hosted gold
targets, the Committee Bay greenstone belt has potential for shear-hosted
lode gold, komatiite hosted stratiform nickel-copper and platinum group
elements in layered igneous complexes. Previous work in the Committee
Bay area returned samples grading up to 245 grams per tonne gold, 0.5%
nickel and 0.8% copper.
This demonstrates
the enormous prospectivity of the Committee Bay greenstone belt.
Click here for a summary of
the results of the 2004 exploration season.
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