Arcturus Ventures Inc (“Arcturus”) is pleased to announce that the Company completed and signed the definitive agreement with Colombian Mines Corporation (TSX-V:CMJ), or “Colombian”, for the acquisition of three licenses in the Antioquia Department of Colombia. Â In the immediate vicinity is B2Gold and AngloGold-Ashanti’s Gramalote property where the Trinidad and Gramalote Ridge Zones are less than 5km and 10km, respectively, along strike from the largest license block of the three Nus Gold Project licenses. Â These licenses, or the “Nus Gold Project”, have had work performed by Colombian that has revealed several areas of anomalous gold Â (greater than 10ppb) Â in soil geochemistry and geochemical results as high as 5.0g/t from rock samples.
The transaction has been amended in the definitive agreement to change the initial cash payment of $27,000 to December 7, 2010 and to allow the payment of 900,000 shares to fully earn in 90% interest to any point before 60 days after Arcturus obtains a favourable NI 43-101 compliant feasibility study.
A soil geochemistry grid from the largest of the three licenses (“Nus”) revealed several gold anomalies (greater than 10ppb) on the western side of the license area. Â Also on the western side of the Nus license analysis of a rock sample taken from a quartz vein yielded 4989 ppb gold (approximately 5.0 g/t). Â The other two license areas, (“El Rayo” and “El Rayito”) have not had a soil survey performed; however, amongst the scattered rock samples collected on these license areas, the two best analyses obtained were 620 ppb and 744 ppb gold.
Arcturus will follow up on these results produced by Colombian to determine the extent of the anomalous gold results in soil and rock geochemistry. Â This will include a tighter sampling grid in areas of interest and prospecting along outcrops.
Analysis of the Nus Gold Project License samples were done by SGS AG, an independent laboratory, at its Peru facilities (SGS Peru S.A.C.). Â All of Colombian Mine Corporation’s work on the Nus Gold Project licenses was supervised and reviewed by Robert Carrington, a qualified person under the definition of National Instrument 43-101