Arcus Financing and 2012 Work Program
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2012) - Arcus Development Group Inc. ("Arcus") (TSX VENTURE:ADG) announces the following:
Arcus will carry out a $100,000 non-brokered private placement of 1,000,000 flow-through shares at a price of $0.10 per share, subject to regulatory approval.
Dawson Gold Joint Venture
The Touleary property forms part of the Dawson Gold joint venture in which Arcus and ATAC Resources Ltd. ("ATAC") each hold a 50% interest. The joint venture land holdings consist of four separate claim blocks, all located in the White Gold District of the Yukon. Exploration by Arcus over the past three years has resulted in significant advancements at both the Touleary property and the Dan Man property, located immediately north of Kaminak Gold Corp.'s Coffee property. Details of all previous work on the Dawson Gold project are available on the Arcus website (www.arcusdevelopmentgroup.com).
2012 Work Program
The budget for the 2012 work program at the Touleary property will be $100,000 and will be jointly funded by Arcus and ATAC. The focus of the program will be two new areas of significant soil geochemical response identified in the late fall of 2011. The anomalies, referred to as Touleary South A and South B are located 6 and 3.5 km south, respectively, of the Touleary VMS discovery where copper-silver-gold bearing semi-massive and massive sulphide mineralization was encountered in all five of the 2011 drill holes.
Touleary South A is defined by strongly coincident lead-zinc responses and lesser coincident copper soil values along an east to northeasterly trend. The anomaly, as defined by the lower threshold in-soil zinc and lead values, is currently 2,000 m long and 200 to 400 m wide. Prospecting and hand trenching within core portions of the anomaly will be conducted in conjunction with additional soil sampling to fully delineate it along strike at both ends.
Touleary South B is best characterized by coincident lead-silver-zinc responses with coincident but weak corresponding copper values. The anomaly is roughly 600 by 600 m in size and appears to be fully delineated.
The lead-zinc-copper in soil responses defining the Touleary South A and B anomalies are significantly elevated in comparison to the geochemical expression over the Touleary VMS discovery. Discrete, positive magnetic (geophysical) features exhibit similar geometries in association with each of the respective geochemical anomalies. The purpose of the 2012 program will be to assess the southern anomalies as potential drill targets. Such drilling would accompany the additional drilling required at the main Touleary VMS discovery area.
"The proposed work program and financing achieve two important objectives," stated Ian Talbot, the Arcus President. The work program allows for the advancement of targets for future drilling while avoiding excessive dilution of existing Arcus shareholder value."
The technical information in this news release has been prepared and approved by William A. Wengzynowski, P. Eng., a director of Arcus and a qualified person for the purposes of National Instrument 43-101.
On behalf of Arcus Development Group Inc.
Ian J. Talbot, President and CEO
To read the entire news release follow the link below:
August 10, 2012 (Source: Marketwire)
Disclosure: Arcus Development Group Inc. a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and hold long positions in ADG.V.