Lake Winn Resources Corporation reports it has obtained a new gold project in the Flin Flon gold belt. The Quartz Project lies near the southern shores in Reed Lake between the Reed Lake and Four Miles Island VMS deposits. They report the project contains multiple drill hole intercepts containing gold including a hole drilled by Hudson Bay Exploration and Development Company in 1975 intersecting 1.28 meters at 19.9 grams per tonne gold. The area was further drill tested by Tribune Uranium Corporation in 2007 and they encountered multiple gold intercepts including 5.8 meters at 12.8 grams per tonne. Lake Winn plans to begin drilling before the ice melts prior to April depending on permitting and weather.
Lake Winn will pay William Ferreira 50 thousand dollars and 100 thousand shares for the one hundred percent purchase of the Quartz Claims totalling 254 hectares along with granting a two percent overriding Royalty of which one percent may be purchased for one million dollars. The transaction is subject to TSX approval.