Entourage Metals Ltd. (TSX VENTURE:EMT) is pleased to announce it has expanded the area of its recently announced Odin copper – gold Property. The additional 4 claims, contiguous and to the south west and to the north expand the project area to nine claims for a total of 10,702 hectares. The Company has the right to earn a 100% interest in both the original Odin Claim block and the additional claims.
The Odin Property displays characteristics similar to recent porphyry copper gold discoveries in this part of western Canada, is accessible by road and is located north of Colorado Resource’s North ROK discovery and Imperial Metals in construction Red Chris mine in northwest British Columbia.
“Entourage is excited to have been able to extend the size of the geologically promising ground at Odin.” said Jeff Sundar, President and CEO of Entourage. “With this year’s acquisition of the La Liga silver project in the Yukon, and our portfolio of gold properties in the Canadian Shield, the Odin Property gives us an excellent exploration pipeline.”
Entourage Metals can earn a 100-per-cent interest in the property from an arm’s-length third party Company by paying $49,000 in cash and issuing 385,000 shares over four years, subject to approval of the TSX Venture Exchange. Upon completion of an initial National Instrument 43-101-compliant mineral resource estimate, Entourage will issue an additional 500,000 shares. The vendor will retain a 2% net smelter returns royalty on the Property, one-half of which (1%) may be purchased by Entourage at any time for $1,500,000.
The Odin Property is located approximately 18 kilometers north of the town of Iskut, BC, and now covers nine mining claims covering 10,702 hectares; an increase of just over 60%. Access is from Highway 37 on the eastern side of the claim group. The newly acquired claims are located approximately 20 to 25 kilometers north of Colorado Resources Ltd.’s North ROK property, and 35 kilometers from Imperial Metals Red Chris porphyry copper-gold-silver deposit currently under construction. Colorado recently announced diamond drill hole NR13-001, that assayed 242.0 meters of 0.63% Cu and 0.85 g/t Au in an altered monzonite. This porphyry copper style mineralization is associated with coincident magnetic and soil geochemical anomalies
Entourage is planning an initial program consisting of soil sampling, geological mapping and geophysical surveying.
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We acknowledge the [financial] support of the Government of Canada.