www.cliftonstarresources.com
Clifton Star Resources Inc. (TSX.V: CFO) ["Clifton Star"] (Frankfurt Exchange: C3T) is a junior mining exploration company with a focus on six properties that have had historic production of gold, silver, copper and nickel.
The portfolio consists of seven properties, six of them near the Porcupine-Destor Fault in Quebec and one on the Manitoba Ontario border, all in Canada.
Osisko and Clifton Star intersect 42 Metres averaging 3.78 g/t Au at Duparquet project
Osisko Mining (TSX: OSK) (FSE: EWX) and Clifton Star Resources (TSX-V: CFO) (FSE: C3T) have announced results on the thirty-seven additional holes from the 2010 drill program at the Duparquet gold project, located in the Abitibi region of Quebec, intersecting 42 Metres averaging 3.78 g/t Au.
The 122,000 metres drilling program is focused on three properties: Beattie, Donchester (eastern extension of Beattie) and Duquesne.
The current Phase I drill program comprises 67,500 metres of drilling on the Beattie property, currently 98% complete with 202 of 206 holes finished.
Significant intersections from the new holes at the Beattie property include 42.0 metres averaging 3.78 g/t Au, 35.9 metres averaging 2.11 g/t Au and 70.5 metres averaging 1.32 g/t Au.
A Phase II drilling program of 20,000 metres is entirely complete on the Duquesne property, and a Phase III program of 33,000 metres is 80% finished on the Donchester property.
The entire drill program is progressing on schedule, said the companies, with five drills currently on site.
Over the past two months, Duquesne drilling has been concentrating on extending the Nipissing Zone, as well as the Main Zone to the east of the Duquesne underground workings.
Highlights from the area include an intersection of 19.5 metres averaging 4.22 g/t Au, including 1.5 metres averaging 21.40 g/t Au.
Osisko has the right to acquire a 50% interest in the Duparquet project in consideration for sepnding a total of $70 million from 2010 to 2013 on exploration costs, and by extending loans to Clifton to fund option payments on the property of $8.5 million for 24 months, and $22.5 million for 36 months.
These loans would carry 5% interest, and can be converted into stock if Clifton chooses.
Earlier today, Clifton announced it had made one of its $8.5 million payments, and did not require any external borrowing from Oskisko.
Clifton also recently made a final payment of $450,000 to earn a 100% interest in the Duquesne property at the Duparquet project.
Clifton is a junior mining exploration company with a focus on six properties that have had historic production of gold, silver, copper and nickel. The portfolio consists of five properties near the Porcupine-Destor Fault in Quebec and one on the Manitoba Ontario border.
The company was up nearly 5% to $4.35 as of 3:48pm ET on the TSX-Venture Exchange on Monday.
