Universal Copper Options Palermo Gold Property from Calderan
Universal Copper Ltd announced the signing of an agreement with Calderan Ventures Ltd to acquire its Palermo property consisting of 6 prospective mining
Universal Copper Ltd announced the signing of an agreement with Calderan Ventures Ltd to acquire its Palermo property consisting of 6 prospective mining claims totaling 240 hectares in Hebecourt Township, approximately 50 kilometres northwest of Val D'Or in Quebec. Palermo lies in the central portion of the Abitibi Greenstone Belt, in an area underlain by a folded sequence of bimodal Archean age volcanic flows and sills of mafic to felsic composition and diorite intrusions. Historic diamond drilling intersected rock units described as syenite porphyry and amphibolite. Highlights from the 13 drill holes include:
0.24 opt Au over 1.2 feet in DDH P-3 (8.23 g/t Au over 0.36 metres)
0.05 opt Au over 5 feet in DDH P-7 (1.71 g/t Au over 1.52 metres)
0.05 opt Au over 1 foot in DDH P-12 (1.71 g/t Au over 0.30 metres)
he quoted drill intersections are core length not true width, which is unknown. Universal has not yet verified the historic exploration drilling. Source: Palermo Gold Mines Ltd. DDH Logs P1 to P-13, 1948. SIGEOM Examine Report Number GM10744.
UNV President and CEO Clive Massey stated, "Universal is pleased to acquire a second , technically favorable exploration project in mining friendly Quebec. The Company will review the historic drill intersections to follow up on the gold values. The Palermo project compliments Universal's property portfolio in this ever strengthening resource market".