November 21 (SeeNews) - Canada's QX Metals Corp said that its partner - Australia's Raiden Resources, has defined a new epithermal gold prospect at the Kalabak project, in southern Bulgaria, through a geochemical soil survey and a mapping exercise.
"The Belopoltsi gold prospect is a new discovery and provides our partner with another exciting gold target, in an ever-growing list of quality prospects on the Kalabak project," Vince Sorace, president and CEO of QX Metals, said in a statement.
"The work completed to date indicates that the prospect is most likely defined by low sulphidation gold-silver mineralization. Raiden plans to carry out further work including trenching to test this exciting new target,” Sorace added.
Raiden completed a soil survey on a 100 metre by 25 metre grid spacing over the target area.
The prospect is defined by outcropping gold bearing quartz veins hosted in the metamorphic basement and brecciated zones on the contacts of the rhylolite bodies, the company said.
In July, Raiden signed an option agreement with Canada's QX Metals Corp, formerly Black Sea Copper & Gold Corp, which provides Raiden with an opportunity to earn up to 75% interest in the Kalabak project. QX Metals Corp holds 100% of the Kalabak license through its wholly-owned Bulgarian unit Zelenrok.