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One of the most advantageous features
of belonging to the Vancouver-based International Metals
Group (IMG) of companies is the ability to share
exploration, geologic and management expertise across a
wide range of mining applications. The newest company
which has joined this elite group is NEXT GEN METALS,
INC. (TSX-V; N).
The company now has two primary projects in its
inventory, Silver Chalice and the Fate gold/base metals
project in Quebec.
Next Gen's had devoted considerable effort regarding its
option on the Destiny Gold Project located adjacent to
Fate but recently decided to terminate its option
Agreement with Pacific Northwest Capital (PFN), a fellow
IMG corporation. Their 2012 drill program designed to
test the 1 Km long area between the DAC Deposit and the
Darla Zone at shallow depths failed to produce the
desired results and the company elected to terminate
their interest rather than engage in required extensive
infill and exploration drilling.
SILVER CHALICE
The Silver Chalice epithermal gold/silver project
consists of 31 State of Alaska mining claims covering
about 2,000 hectares (4,960 acres) located in
west-central Alaska approximately 560 Km (345 miles)
northwest of Anchorage and approximately the same
distance southwest of Fairbanks. The Silver Chalice
project is found within a Tertiary volcanic caldera
which geologists suggest has the potential to host
significant epithermal gold and silver mineralization.
Early exploration work involving stream sediment
sampling anomalous in gold and indicator minerals plus
pan concentrate sampling anomalous in gold and mercury
strongly support the gold and silver potential of the
caldera and adjacent areas.
The company’s plans for Silver Chalice include a
proposed 2,000 meter drill program planned for later in
2012.
FATE GOLD / BASE METALS PROJECT
Next Gen's Fate Gold Project is located adjacent to the
Destiny Gold Project in the Abitibi Greenstone Belt of
Southwestern Quebec, shares the same favourable
infrastructure and consists of 83 claims covering
approximately 4,000 hectares (9,880 acres). Next Gen
based much of their recent staking activity on
information obtained from the Destiny Project as well as
data from Maudore Minerals` nearby Comtois Project.
The specific area of the Fate Project is located in the
western portion of the Abitibi Greenstone Belt where
company management believes that thicker over-burden has
hindered past exploration efforts. Fate covers
approximately eight kilometres of the western extension
of this under-explored zone.
Quebec is regarded as one of the premier mining
jurisdiction in North America since the province regards
mining exploration and development as a valuable asset.
"La Belle Province" gives financial support to companies
actively exploring, they have instituted efficient
permitting procedures and Quebec is consistently ranked
near the very top of the Fraser Institute's ranking of
worldwide mining jurisdictions. Infrastructure in the
project area is excellent with paved roads, railroads
facilities and electric power located nearby and mining
personnel and equipment are available at several area
communities including the major mining center of Val
d'Or, located just 75 Km from Fate.
Numerous historically important geologic formations are
to be found in the general region which includes such
famous mining camps as Cadillac-Larder; Bosquet,
Kirkland Lake, Val d`Òr-Malartic, Timmins, Holloway and
Duparquet.
At present, the company's proposed exploration
activities at Fate for 2012 include airborne geophysics;
MMI soil sampling; and additional prospecting
activities, all designed to advance the Fate Property to
the drill stage by Fall 2012.
The company management team is headed by Harry Barr,
President & CEO; Jay Oness, COO; Gord Steblin, CFO; Bill
Stone, Exec VP - Exploration; and Scott Donaldson, VP -
Business Dev.
Additional information is available at the company
website,
www.nextgenmetalsinc.com or by contacting
Investor Relations at
info@nextgenmetalsinc.com
NOTE: This report will be updated as new information is
provided and also following a property visit which will
be scheduled at the earliest opportunity.
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