Trading Symbol - NMD.V
VANCOUVER, June 6, 2012 /CNW/ - Nomad Ventures Inc. ("Nomad") is pleased to announce that it has entered into an option agreement (the
"Agreement") with an arms-length individual (the "Vendor") to acquire a
100% interest in four mining claims in the Dorothea and Sandra
Townships, Thunder Bay Mining Division, Ontario, Canada (the "Dorothea
Claims"). The Dorothea Claims are located 200 kilometres northeast of
Thunder Bay, at the west end of the Beardmore-Geraldton greenstone
Under the terms of the Agreement, Nomad is granted the sole and
exclusive option to earn a 100% interest in the Dorothea Claims by
making aggregate cash payments to the Vendor of $112,500, issuing an
aggregate of 325,000 common shares to the Vendor and incurring
exploration expenditures on the Dorothea Claims as follows:
paying $17,500 on the later of (i) the date of receiving regulatory
approval from the TSX Venture Exchange and (ii) the date which Nomad
successfully completes a minimum financing of $300,000, which financing
must be completed within 60 days of the entry into the Agreement (the
issuing 100,000 common shares as soon as practical after the Effective
expending a minimum of $75,000 of exploration work on the Dorothea
Claims within 90 days of the Effective Date;
paying $25,000 and issuing 75,000 common shares on or before the first
anniversary of the Effective Date;
expending a minimum of an additional $150,000 of the exploration work on
the Dorothea Claims within 18 months of the Effective Date;
paying $30,000 and issuing 75,000 common shares on or before the second
anniversary of the Effective Date; and
paying $40,000 and issuing 75,000 common shares on or before the third
anniversary of the Effective Date;
In addition, the Vendor will retain a 2% net smelter return royalty on
the Dorothea Claims. Nomad may purchase 1% of the net smelter return
royalty at any time by paying the Vendor $1,000,000.
The Agreement is subject to Nomad obtaining approval from the TSX
About the Dorothea Claims
The Dorothea Claims comprise four mining claims totalling 29 units (464
hectares) in Dorothea and Sandra Townships, located approximately 200
kilometres northeast of Thunder Bay, Ontario, Canada at the west end of
the Beardmore-Geraldton greenstone belt. The Beardmore-Geraldton belt
produced 4.2 million ounces of gold between 1935 and 1971, and has
recently seen active development and re-evaluation of historic gold
Historic exploration on the Dorothea Claims in the early 1970s defined
widespread, disseminated, porphyry-style copper-molybdenum
mineralization over an area of at least 500 metres by 400 metres in a
granodiorite intrusion. It was not until 2010 that it was recognized
that this copper-molybdenum zone also contains significant gold and
silver values. Gold is typically present at sub-gram levels but quartz
stringers, which are an integral part of the altered and mineralized
envelope, have been found to carry up to 8.27 grams of gold per tonne
in grab samples. Silver contents of the disseminated mineralization
vary up to 3 grams per tonne. Management refers to this large zone of
disseminated mineralization as the "Cu-Mo Zone".
The Cu-Mo Zone is also cut by at least one relatively high grade seam of
sulphide mineralization. This was partially excavated over a width of
1.5 metres in 2010, and yielded copper assays from 0.02% to 2.15% Cu,
gold assays from 0.201 grams per tonne (g/t) to 1.307 g/t Au, silver
from 1.0 g/t to 816 g/t Ag, and antimony from 0.003% to 0.201% Sb.
Management expects that if a number of these high grade zones can be
defined, they will have a favourable effect on the average grade of the
In addition to the polymetallic Cu-Mo Zone associated with the
granodiorite intrusion, the Dorothea Claims also contains a gold
occurrence called the Hillside zone, 1,500 metres to the northeast. It
consists of quartz stringers with sparse pyrite and fine free gold. In
2010, 27 chip and grab samples of vein and wall rock material were
collected and assayed. Gold contents varied from 0.030 g/t to 72.293
g/t Au, with an average of 7.67 g/t Au.
The only diamond drilling that has ever been carried out on the Dorothea
Claims is a single hole drilled in 1988 by Glen Auden Resources. It
tested an IP anomaly about 400 metres northeast of the Cu-Mo Zone. It
is reported to have intersected a quartz-carbonate-arsenopyrite vein
that gave an average assay of 1.33 g/t Au over 1.37 metres.
Nomad plans a program of line cutting, mapping, sampling and geophysical
surveys to fully delineate the extent of the Cu-Mo Zone and to locate
any higher-grade, sulphide-rich zones within it. This will then be
followed by a diamond drilling program, primarily on the Cu-Mo Zone,
designed to determine the average grade over widths of some hundreds of
metres. It is also expected that two short holes will be reserved to
test the Hillside gold zone.
Technical information in this news release has been written and/or
reviewed by Colin Bowdidge, Ph.D., P.Geo., who is a consultant for
Nomad, a Qualified Person as defined in NI 43-101, and who worked on
the Dorothea Claims in 2010. Assays quoted from the 2010 work were
performed at Accurassay Laboratories Ltd. in Thunder Bay, Ontario.
Accurassay is certified under ISO 17025. Gold assays were performed by
fire assay on 30-gram splits with atomic absorption finish and/or
gravimetric finish on assays over 10 g/t. Silver analyses were
performed by ICP-OES, atomic absorption and gravimetric fire assay.
Copper and molybdenum assays up to 0.5% were performed by ICP-OES
analysis. Over that limit, they were done by atomic absorption. It is
not known what methods were used for the historic gold assays quoted
for the Glen Auden drill hole.
On behalf of the Board of Directors
Nomad Ventures Inc.
Statements about the Nomad's future expectations and all other statements in this press
release other than historical facts are "forward looking statements".
Nomad intends that such forward-looking statements be subject to the
safe harbours created thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, Nomad's actual
results may differ materially from the expected results. In
particular, such risk and uncertainties include Nomad's ability to: (i)
complete its acquisition of the Dorothea Claims and (ii) obtain
additional financing in order to implement an exploration program on
the Dorothea Claims.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nomad Ventures Inc.
For further information:
Phone: 604 987-6012