|With Reprint Permission of The Bull & Bear|
“Our new Alaska property is an excellent parcel of land with quality historical data to give us a head start on exploration. We strongly believe that exploration success is one of the best ways to create new shareholder value," says Linux President John Robertson. “It’s a mineralized area that warrants investigation to find the source of uranium placer in one zone, and base metal (polymetallic) in the other zone. The third zone contains gold and platinum values in the placer. We’re quite excited.”
"Linux Gold’s Granite Mountain project will broaden the company’s focus from purely gold exploration to a more balanced polymetallic mix that will enable the company to benefit from growing worldwide demand for uranium and base metals. We went out last winter to stake the core of the mineralized areas because we didn’t want anyone else to jump on it”, says Robertson.
Linux Gold decided to enter this new mining sector upon the urging of it’s astute geologist who knew of reliable historical geologic studies that strongly indicated the presence of uranium, precious and base metal mineralization.
What the company now controls is 37 square-miles of prime ground in the heart of the historic Koyuk Mining District an area long known for productive placer deposits of gold and platinum group metals, as well as igneous-hosted base metals.
Granite Mountain Claim Blocks
Granite Mountain is located on the Alaska Seward Peninsula about 130 miles east of the town of Nome and 12 miles north of Dime Landing. The topography, situated high along the continental divide, is devoid of large vegetation. Several small creeks have their source at Granite Mountain in the form of natural seeps and surface drainage. The remote location does have a landing strip but no road system. The nearest town, Haycock, is about 15 miles by air. The area does have excellent accessibility via water on both the northern and southern tips.
Kiwalik Claim Block located west of Granite Mountain at the head of the Kiwalik River and believed to contain significant deposits of lead, zinc, silver, copper, gold and tin. A large altered and mineralized area found in 1968 showed large concentrations of base and precious metals the company believes may continue at depth as part of a large intrusive system.
Peace River Claim Block located on the east flank of Granite Mountain at the headwaters of the Peace River. Soil samples collected in the early 1950s and again in the late 1960s included concentrations of base metals that are highly indicative of a high-grade uranium lode deposit.
Dime Creek Claim Block located south of Granite Mountain where unusually pure placer gold-platinum deposits on Dime Creek were first discovered in 1910. Data indicates that at least 25,000 ounces of gold and platinum were recovered from the deposits. The previous results lead Linux to believe these placer deposits are “highly indicative” of both significant placer reserves and lode sources with significant odds for discovery.
Alaska Holds Potential for World Class Deposits
Alaska’s vast and largely unexplored wilderness represents a continuing opportunity for mining companies. Alaska has more land open to mineral exploration and development than any other western state 49.6 million acres of federal land and 44 million acres of private land owned by native corporations and has a greater potential for the discovery of world class deposits that many other areas of the world.
Seward Peninsula Has “High Mineral Potential”
Linux Gold’s claim blocks are all within a virtually unpopulated area within the historic Koyuk Mining District. The area has seen only limited development mostly small placer mining operations. The tiny native town of Koyuk originally a supply town for nearby gold and coalmines is located at the mouth of the Koyuk River at the southeastern-most part of the Seward Peninsula.
Fish Creek and China Projects Advance
Recent drill results (2004) at the Linux Gold’s Fish Creek Gold Target in Alaska’s Fairbanks Mining District indicated economic placer gold values according to a leading placer geologist. Several lode targets were discovered during the placer program. The joint venture partners, Linux Gold and Teryl Resources, plan to elevate the upper part of the pay streak to reserve status this year through further drilling and locate lode deposits similar to the nearby 4 million ounce Fort Knox gold mine.
Linux Gold recently raised US$500,000 and is well financed to pursue the first stage of exploration at Granite Mountain. The company faces minimal property acquisition costs for the new Seward Peninsula claims since all are
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