Buckingham Exploration Inc. announced yesterday that they optioned the Dome Property Mineral Claims in the Beaverdell Mining Camp, South Central Vancouver Island (the Property), via their wholly owned subsidiary, 0887717 B.C. Ltd. (0887717). The option agreement between 0887717 and Mr. Murray Morrison calls for an immediate payment of cash and certain work commitments.
In particular, 0887717 agreed to pay a total of $6,000 in cash and to grant an option to purchase shares of their common stock in consideration for the grant of the sole and exclusive right and option to acquire a 100 percent undivided interest in the claims. Buckingham has to incur not less than $10,000 in expenditures on exploration and development of the Property before September 30, 2010. The Property is easily accessible by a network of well-maintained logging roads and has a major power line traversing the Project.
The Dome Project Mineral claims cover the historic workings of the Nepanee Prospect. This Prospect was been worked intermittently between 1904 to 1935 and reported assays of over 8000 g/t Ag and 20 g/t Au. Sulphide mineralization including galena and sphalerite has been located near the old workings in more recent years.
The Property consists of sixteen mineral claims covering approximately 360 hectares (890 acres). It is four kilometers southeast of Beaverdell, B.C. in the heart of the historic Beaverdell Mining Camp. The mineralization occurs in easterly or northeasterly shears in quartz diorites or granodiorites of the Nelson intrusives. The sulphides consist primarily of pyrite, galena and sphalerite with some silver sulphides in a gange of quartz and calcite. The mineralization of the shear zones has classification as mesothermal. It is interpreted as directly related to the emplacement of the nearby quartz monzonites of the Cretaceous Valhalla intrusive suite.
The design of Buckingham Exploration Inc.’s proposed 2010 exploration program is to evaluate all of the mineralized shear zones that cross the Dome property. This is to delineate favorable drill targets. A phase I work program will include confirmation and expansion of historical work from the Property including the soil geochemical and geophysical programs completed to date and a Property wide geological mapping project.
Headquartered in Canon City, Colorado, Buckingham Exploration Inc. is an exploration stage company. Their principal business is the acquisition and exploration of mineral resources. They concentrate on the exploration of properties in North America.
For more information visit: www.buckinghamexploration.com