Newport Gold Inc. is a full reporting junior resource exploration company, registered in the State of Nevada.
A summary of the current corporate share structure is shown below, for complete details please see the latest financial filings on EDGAR.
Issued: 57,309,550 shares
Contact Derek Bartlett
Newport Gold Inc. is excited to announce that it is focusing its attention on reopening the former goldmines located on the Burnt Basin Property in the Greenwood Mining District in British Columbia. To date, four former mines have been identified. Although the property hosts abundant gold showings(most of which are high grade) the company’s first priority is the MOLLY GIBSON MINE which was mined in the 20’s and 30’s. The Motherlode mine which has seen limited mining just after the turn of the century will also be looked at in detail.
The Molly Gibson Mine has the potential for significant reserves over the 2000 foot length of gold mineralization found on the surface. The gold that was retrieved from the mine came from very shallow depths and is in extremely hard rock. The primitive mining techniques available at that time did not allow for easy mining. Back then, they mined what they could visibly see, and manually carried the ore down to the train in rawhide sacks. The mine was closed in the late 30’s due to the difficulties of penetrating the very hard rock along with the lack of water and timber and the inability to drill deep. Today, of course none of this is an issue and the ore can be transported directly to be milled( there are two mills and a smelter within a 60km radius). Grab samples taken in 2006 by Newport confirmed the high grade values mined in the past. The one ounce per ton recovered in the past is well documented and verified in the Trail Smelter Receipts.
The mineralization on this property was also reviewed by Dr. Trig Hoye in 2006. Dr. Hoye is a highly respected British Columbian geologist with extensive expertise in B.C. deposit types. After visiting the site and reviewing the assay results he believes the Molly Gibson is a small part of an immense mineralized system which includes copper and silver.
We have also located numerous high grade gold values on the north part of the property where Newport recently acquired additional claims tying on to our north property boundary. It has taken Newport Gold Inc. over four years to acquire these claims. Our hard work was validated in the “Minister of Mines Annual Report” in 1901, when a large exposure of ore on the side of a precipice, which is on our new property claims, produced a rock sample assaying over 5 oz/gold/ton.
The extensive gold mineralization on this property along with the potential to immediately extract ore puts Newport Gold Inc. in an advantageous position as properties this prolific are few and far between. There are not very many exploration companies with this type of project in their portfolio.
Phase One of the Burnt Basin property will be to reopen the Molly Gibson Mine. By reopening the old gold mine Newport can produce the cash flow necessary to explore and develop the rest of this huge property.