ALTAIR TERMINATES LOBSTICK OPTION
Altair Gold Inc. has terminated its option agreement for the Lobstick property in Ontario.
"Altair optioned the early-stage Lobstick project prior to optioning the advanced-stage Kena gold project near Nelson, B.C.," stated Altair's president and chief executive officer, Fayyaz Alimohamed. "In order to focus on developing the significant gold resource at Kena, the Lobstick property became a non-core asset and, thus, Altair has terminated the Lobstick option."
As of May, 2012, the Kena property's revised National Instrument 43-101-compliant measured and indicated mineral resource based upon a 0.3-gram-per-tonne cut-off is 549,000 ounces of gold and the inferred mineral resource is 513,000 ounces of gold.
GOLD MOUNTAIN ZONE Tonnes Grade (g/t) Ounces AuMeasured 1,840,000 0.87 51,000 Indicated 9,010,000 0.68 198,000 Total M+I 10,850,000 0.71 249,000 Inferred 22,110,000 0.60 428,000
KENA GOLD ZONE Tonnes Grade (g/t) Ounces AuMeasured 2,910,000 0.77 72,000 Indicated 11,773,973 0.60 228,000 Total M+I 14,683,973 0.64 300,000 Inferred 3,800,000 0.70 85,000
The qualified person for the Kena property is Warner Gruenwald, PGeo,vice-president, exploration.