In 2002 Golden River Resources Corporation reached an agreement with Tahera Corporation to explore
for gold on Tahera's extensive properties on the Slave Craton in northern
Canada. This land package contains 177 claims and 11 Inuit Concessions
totalling 471,765 acres. Tahera is a diamond exploration company listed on the
Toronto Stock. Tahera has developed an extensive database to explore for
diamonds and under the terms of the agreement, Golden River Resources will use the
database and geochemical samples to explore for gold.
Resources will have access to data from Tahera, including electromagnetic
geophysical surveys, overburden and bedrock mapping, overburden sampling and
drilling data. The Tahera samples cover areas of known gold mineralisation
including in the vicinity of the Lupin and Ulu gold deposits.
Utilizing the Tahera database in conjunction with existing public data, Bay Resource's
objective is to delineate new areas of gold mineralization on the northern
Slave Craton that could lead to a multi-million ounce gold discovery.
In 2002, Golden River Resources Corporation commenced acquiring a strategic land position in the highly
prospective Committee Bay Greenstone Belt. The Company is focusing its gold
exploration efforts on the Committee Bay greenstone belt, west of Melville
Peninsula, Nunavut, Canada.
Golden River Resources currently holds 29 claims totaling 71,694 acres in the Committee Bay
Belt. These claims were recorded on October 16, 2002.
The Archean Committee Bay Greenstone belt was the subject of a 3 year (2000-2003)
government Targeted Geoscience Initiative (TGI). Total funding for this TGI was
$3.5 million. The stated objective of TGI was to increase the level and
cost-effectiveness of private sector exploration for mineral resources.
Government work in the Committee Bay belt included 1:100,000 scale geologic
mapping, prospecting, surficial mapping, drift prospecting, and airborne
geophysics (400 m flight line spacing)
The geology is highly prospective for BIF
hosted gold In addition to the BIF hosted gold targets, this belt has potential
for shear-hosted lode gold, Witswaterstrand style gold, komatiite hosted stratiform
Ni-Cu (Kambalda analogy), and PGEs in layered igneous complexes (Laughland Lake
Anorthosite Suite). The developing Eastern Arctic diamond plays currently being
explored by De Beers, BHP-Billiton, and Stornoway Ventures Ltd. are to the
northeast and southeast of the Committee Bay Belt. Impressive diamond results
were returned from caustic fusion of the Melville Island kimberlites and the
landholdings have now increased to 7 million acres. The 1.5 million acre
Churchill diamond play north of Rankin Inlet has intersected 16 kimberlites
since June 2003.
In summary, the Committee Bay greenstone belt is highly prospective and
underexplored for multiple commodities (gold, nickel, copper, PGEs, diamonds).
Golden River Resources has significant land holdings in the belt and these cover several
gold showings (up to 9.7 gpt).
Golden River Resources is committed in its continuing effort to add additional land packages
to its already impressive portfolio.