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Friday, 26th August 2005 (4208 views)

North American Gold has been granted 14 exploration licenses that will enable it to target iron oxide, copper and gold (IOCG).<br/><br/>These are in Finland's Kolari magnetite belt in which the metals have already been detected.<br/><br/>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.<br/><br/>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.<br/><br/>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.<br/><br/>North American Gold will soon be operating under the name Northland Resources after shareholders approved the name change.<br/>

 

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