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One of the most
advantageous features of belonging to the
Vancouver-based International Metals Group (IMG) of
companies is the ability to share exploration, geologic
and management expertise across a wide range of mining
applications. The newest company which has joined this
elite group is NEXT GEN METALS, INC.
(TSX-V; N).
While the company
has two other projects in its inventory, Silver Chalice
and the Fate gold/base metals project in Quebec, Next
Gen's primary focus has shifted to its recently-acquired
option on the Destiny
Gold Project, located adjacent to Fate. The
company's interest in Destiny was acquired from Pacific
Northwest Capital (PFN), a fellow IMG corporation.
Terms of the agreement include payment by Next Gen to
PFN of cash, Next Gen shares and purchase warrants.
(Specific terms are identified on the Next Gen website,
www.nextgenmetalsinc.com,
Press Release dated September 8, 2011.)
DESTINY GOLD PROJECT
The Destiny Gold
Project is located in the mining intensive Abitibi
region of Quebec Province. Quebec is regarded as one of
the premier mining jurisdiction in North America since
the province regards mining exploration and development
as a valuable asset. "La Belle Province" gives
financial support to companies actively exploring, they
have instituted efficient permitting procedures and
Quebec is consistently ranked near the very top of the
Fraser Institute's ranking of Canadian provinces and
American states. Infrastructure in the project area is
excellent with paved roads, railroads facilities and
electric power located nearby and mining personnel and
equipment are available at several area communities
including the major mining center of Val d'Or, located
just 75 Km from Destiny.
The company is
working toward fulfilling their requirements to earn a
60% interest at Destiny along with partner company Alto
Ventures. At present, they have successfully completed
the first two years requirements of a four-year program
as detailed in the press released noted above.
An NI 43-101
compliant Resource Estimate was completed in March 2011
for the DAC Deposit. The Estimate identified Indicated
Resources of 10.8 million tonnes (mt) grading 1.05 grams
per tonne gold (g/t Au) containing 365,000 ounces of
gold plus Inferred Resources of 8.3 mt grading 0.92 g/t
Au containing 248,000 ounces of gold. Estimates for
both Indicated and Inferred Resources used a cut-off
grade of 0.5 g/t Au. The Destiny Project also contains
three other Zones named Darla, Zone 20 and Zone 21.
Next Gen and Alto
Ventures have recently resumed a 3,500 meter drill
program designed to test the strike extension of the DAC
deposit as well as testing the under-explored region
along the Despinassy Shear between DAC and the Darla
Zone. Two holes drilled previous at Darla had
intersected high gold grades, including 19.5 g/t Au over
2.1 meters and 20.6 g/t Au over 0.8 meters within
strongly altered rocks similar to those that host the
DAC Zone.
Geologically,
Destiny is in the Abitibi greenstone belt and gold
mineralization is associated with a major shear
deformation corridor which has been traced for 6 Km on
the property. High-grade gold mineralization occurs in
quartz veins within altered-gold bearing shear
structures. These veins are up to 9.7 meters wide and
average 5.1 g/t Au in grade.
Next Gen's
exploration objective is to expand mineral resources to
1-3 million oz. in multi-phase drill programs.
SILVER CHALICE
The Silver Chalice
epithermal gold/silver project consists of 31 State of
Alaska mining claims covering about 2,000 hectares
(4,960 acres) located in west-central Alaska
approximately 560 Km (345 miles) northwest of Anchorage
and approximately the same distance southwest of
Fairbanks. The Silver Chalice project is found within a
Tertiary volcanic caldera which geologists suggest has
the potential to host significant epithermal gold and
silver mineralization.
Early exploration
work involving stream sediment sampling anomalous in
gold and indicator minerals plus pan concentrate
sampling anomalous in gold and mercury strongly support
the gold and silver potential of the caldera and
adjacent areas.
The company’s
plans for Silver Chalice include a proposed 2,000 meter
drill program planned for later in 2012.
FATE GOLD/BASE METALS PROJECT
Next Gen's Fate
Gold Project is located adjacent to the Destiny Gold
Project in the Abitibi Greenstone Belt of Southwestern
Quebec, shares the same favourable infrastructure and
consists of 83 claims covering approximately 4,000
hectares (9,880 acres). Next Gen based much of their
recent staking activity on information obtained from the
Destiny Project as well as data from Maudore Minerals`
nearby Comtois Project.
The specific area
of the Fate Project is located in the western portion of
the Abitibi Greenstone Belt where company management
believes that thicker over-burden has hindered past
exploration efforts. Fate covers approximately eight
kilometres of the western extension of this
under-explored zone.
Numerous
historically important geologic formations are to be
found in the general region which includes such famous
mining camps as Cadillac-Larder; Bosquet, Kirkland Lake,
Val d`Òr-Malartic, Timmins, Holloway and Duparquet.
The company's
proposed exploration activities at Fate for 2012 include
airborne geophysics; MMI soil sampling; and additional
prospecting activities, all designed to advance the Fate
Property to the drill stage by Fall 2012.
The company
management team is headed by Harry Barr, President & CEO;
Jay Oness, COO; Gord Steblin, CFO; Bill Stone, Exec VP -
Exploration; and Scott Donaldson, VP - Business Dev.
Additional
information is available at the company website,
www.nextgenmetalsinc.com
or by contacting Investor Relations at
info@nextgenmetalsinc.com.
NOTE: This report
will be updated as new information is provided and also
following a property visit which will be scheduled at
the earliest opportunity.
Interview of Mr. Harry Barr by
Dale Jackson of Corporate Profile Minute
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