Friday, 26th August 2005 (2951 views)

North American Gold has been granted 14 exploration licenses that will enable it to target iron oxide, copper and gold (IOCG).

These are in Finland's Kolari magnetite belt in which the metals have already been detected.

The Kolari area forms part of Paiala Shear Zone on the northern border between Sweden and Finland and is one of Europe's most probable IOCG sites.

Although no gold is present in the Sivakkalehto deposit area, as reported by the Geological Survey of Finland, there are copper values from 0.3 per cent to 0.78 per cent.

Gold-wise the company hopes to determine further values by reviewing 35 previously drilled diamond holes and, if results prove fruitful, it will commence a new drill programme in January 2006.

North American Gold will soon be operating under the name Northland Resources after shareholders approved the name change.

 

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