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By: AllPennyStocks.com
With stock market volatility all over the world, gold remains one of the few
dependables out there, and stories of different gold finds all over the world
remain some of the most exciting in the financial world.
The latest installment in this continuing saga comes from the traditional gold
area of Northern Ontario, where Toronto-based Source Gold Corp. (OTCBB:SRGL)
told investors that it had acquired 100% ownership in further claims in the
Beardmore-Geraldton area near Thunder Bay.
SRGL has acquired 100% ownership of a total of 21 claims, providing a total of
total of approximately 12,440 acres spanning Kitto, Dorothea and Sandra
townships. The claims are but a stone’s throw from such rich areas as Northern
Empire mine and the diverse McMillan Prospect.
The company also says it will be beginning an extensive exploration program
within a matter of weeks, entering into an operator's agreement with a big-name
firm, with extensive knowledge in this region, to help this project along.
This junior mineral explorer has as its corporate philosophy to build
shareholder value through the exploration and development of high-quality mining
and exploration projects in Canada, concentrating on gold in the prolific
Beardmore-Geraldton Gold Camp.
The recent rise in gold prices has reignited exploration in that area, with more
than 184 million ounces having been produced there, Beardmore-Geraldton having
produced more than 4.1 million ounces. SRGL has strategically acquired the KRK
West Property, which hosts two previously producing mines and shows impressive
mineralization overall. This acquisition has positioned Source in the midst of
some of the largest recent discoveries to date.
The KRK West property encompasses many previous well known prospects and
occurrences which, since 1930, have been the subject of many prospecting,
geophysics, and diamond drilling as well as high grading conducted by operators
dating back between 1930 and 1950, where copper and gold mineralization was
identified.
SRGL believes its assets, which lay within the prolific Greenstone Belts of
North Eastern Canada, where over 200 million ounces of Gold has been produced,
have the potential to host a world-class discovery.
The stock price is in the upper end of a 52-week range which hit its highest
heights in late April at $2.03, having plumbed the depths of 51 cents just
before Christmas. The news of the acquisition of Beardmore-Geraldton was greeted
with a price around $1.65, but since has skidded lower probably a reaction to
general market jitters. But with the continuing good fortunes in the gold sector
– and record high prices – investors should look for greater things in the near
future from this aggressive gold miner.
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