Naples, FL (PRWEB) April 15, 2017
Sustainable Petroleum Group Inc. (the “Company”) (OTCQB SPGX) is pleased to announce that it has acquired 100% ownership of 13 contiguous claims in the Thunder Bay Mining Division in Ontario, Canada for CDN $5 million by the issuance of 1,250,000 restricted shares.
The Orphan Mine consists of 9 freehold patented claims comprising 116.9 hectares. The mine is considered to be a past producer of the Beardmore Geraldton gold camp. Gold production from this camp exceeded 4.1 million ounces from 19 mines. During its operating period between 1934 to 1935 a total of 2,460 ounces of gold and 1,558 ounces of silver were extracted from 3,525 tons of ore mined, resulting in grade averages of 0.70 ounces per ton gold and 0.44 ounces per ton silver. Two diamond drill campaigns (1987 and 2008) returned encouraging gold intercepts. A historical 43-101 serves as framework for up grading to current report. A two year 3 phase diamond drill program is planned through 2018.
The Foisey Gold System is located 1,800-meters northwest of the Orphan Mine on claims sharing a common boundary with the Orphan Mine patented claims. Foisey consists of 4 staked claims, 27 units comprising 432 hectares. Diamond drilling has demonstrated that it is a significant gold bearing structure that collectively exceeds 80 meters in width and exceeds 650 meters in strike length. The structure has yielded results as high as 28.79 gpt from grab samples, 12.75 gpt/ 0.5 meters from channel samples and 3.29 gpt along 0.3-meters in diamond drilling. Regional government geologist encourages deeper drilling on structure. A 2,000 meter drill program is planned through 2018. Once the drill program is completed a consultant will be engaged to write a 43-101.
Christian Winzenried, the CEO of SPGX stated: "With the stability of gold prices, we have set out to build a robust portfolio of well located projects internationally. The Orphan Gold Mine and the Foisey Gold Property represent exceptional opportunities for the Company. We will pursue further exploration with field crews and advisors on our team already in place."
About Sustainable Petroleum Group Inc.
SPGX as a member of SP Group is positioned to become a world leading natural resources holding and development company through value based investments and collaborative partnerships with global leaders across the natural resources sector.
SP Group has initiated its goals by pursuing investment and partnerships with some of the most diversified and integrated companies available on the market.
On behalf of Sustainable Petroleum Group Inc.
Chief Executive Officer
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Sustainable Petroleum Group Inc.
2316 Pine Ridge Road,
383 Naples, FL 34109
Phone: +1 239 316 4593