Loyalist Exploration Limited announced that it has closed the acquisition of the DeSantis gold property, located approximately 4.5 kilometres southwest of Timmins, Ontario. The property is situated, 11 kilometres west of Discovery Silver's Dome Mine, and 14 kilometres east of Pan American Silver's Timmins Mine and is contiguous with Galeon Gold's West Cache gold project, containing a resource of approximately 1.5 million ounces of gold. The DeSantis Property covers nearly 5 kilometres of strike length along the north side of the Destor-Porcupine Deformation Zone, a major structure controlling gold deposits in the region.
Between 1926 and 1943, the DeSantis Mine produced 196,928 tons of material with an average mill head grade of 0.19 ounces per ton gold. The production rate was at 160 tons per day and the gold recovery was better than 90%. The total production during this period was reportedly 35,784 ounces of gold, 3,142 ounces of silver and 193 pounds of scheelite.
The DeSantis Property consists of 850 hectares located along the north side of the highly prospective Destor-Porcupine Deformation Zone. There is a historical non-NI 43-101 compliant resource estimate totalling 182,505 tonnes at 8.64 grams per tonne gold between the Albitite and Hydrothermal zones. There is a historical non-NI 43-101 compliant resource estimate totalling 735,500 tonnes of which 600,000 tonnes at 6.25 grams per tonne and 135,500 tonnes of unspecified grade.
The property is 4.5 kilometres southwest of Timmins, Ontario with significant exploration upside.
