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Monday, 23rd June 2008 (1205 views)

Mengold Resources has found two places at the Burchell Lake property that have yielded gold.

One hole near Hermia Lake found 7.2 g/t of gold across 0.4 metres and another hole near Fountain Lake found 0.4 g/t of gold across 25.25 metres.

This new area is located three kilometres south of the East Coldstream mine which produced 22,000 ounces of gold and five kilometres east of Moss Lake gold mines. Gold at Moss Lake was graded at 0.926 g/t and contained 1.515 million ounces of gold.

Burchell Lake is in the Shebandowan area of Northwestern Ontario.

Earlier this month Mengold Resources closed a "non-brokered private placement through the sale of 1,396,000 units at a price of $0.25 per unit, for gross proceeds of $349,000".

The company said the proceeds from the placement will be used to fund exploration activities at the Burchell Lake and Goldcreek projects.

 

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