Reward Minerals Limited (ASX: RWD) has announced it has executed a binding Letter of Intent for the acquisition of 100% of the Mountain Pond Gold Project, located in Newfoundland, Canada. Reward Minerals is an ASX-listed advanced-stage sulphate of potash technology and development company. Its current flagship asset is its 100%-owned Beyondie Potash Plant, located approximately 160km southeast of Newman in Western Australia.
The Mountain Pond Gold Project features historic prospecting data that has identified a gold-bearing quartz-sulphide vein within a mineralised shear zone. Multiple subparallel gold-in-soil and till anomalies remain untested by drilling. The Jackpot Prospect is the most advanced target, with historic sampling returning assays up to 23.77 g/t Au and 7.48% Cu from an outcropping quartz-sulphide vein.
The mineralisation at Mountain Pond is interpreted to be controlled by the Sullivan Pond Fault, a regional structure extending over 5km within the project area. The project is located approximately 112km from the Company’s Copper Lance Project and about 7km from the regional town of Springdale, providing easy access via established roads and ATV trails. Reward plans to commence field confirmation of historic results and drill-test priority targets ahead of the field season in May.
Reward CEO Lorry Hughes commented that the company is very pleased to have secured a gold/copper project featuring a high-priority, walk-up drill target at the Jackpot Prospect. The acquisition strengthens Reward’s pipeline of quality drill targets for testing this year, with excellent access and logistics further enhancing the project by minimising future exploration costs.
