Trading on the OTCBB, Coastal Pacific Mining Corp. is focused on exploring, developing and mining gold and silver resources in North and South America. The Company, as their main focus, will joint venture with companies having reserves to develop and produce.
The Company’s corporate philosophy is to participate with companies who are in the later stage of exploration and ready for development. Their goal is to become one of the leaders in actively mining prospects that have already been discovered and take them into production.
Coastal Pacific Mining Corp. has their Hotstone Gold Property. The Hotstone Gold Property consists of 5 claim blocks (approximately 120 hectares). A large Quartz-Carbonate-Fuchsite Alteration shear zone, containing many gold showings, has been the focus of gold exploration on the property since the early 1930’s. A work program in 1998 identified a 1200 m long East-West Trending Fraser Filter E.M. anomaly within the alteration zone. It is coincidental with a well-mineralized quartz-feldspar porphyry unit drilled by Noranda in the 1980’s.
Recently, Coastal Pacific Mining Corp., further to the release of October 6, 2010 announcing the entering into an option agreement for the Hotstone Gold Property in Ontario, Canada, provided additional information on the Property. The Hotstone Gold Property is a drill ready gold prospect in Greenlaw Township, within the Swayze Greenstone belt of Northern Ontario. This is the southwestern extension of the Abitibi Greenstone belt. This belt is often called the Canadian Fort Knox, as it has yielded more than 160 million ounces of gold production.
The Abitibi is one of the largest greenstone belts in the world. These geologic bodies are considered prime hunting grounds for large mineral deposits of metals. After studying all of the available exploration data on the Hotstone Gold Property, Coastal Pacific Mining Corp. believes gold values may be improving as one approaches an intrusive at depth. A work program to expand on the resource and confirm results from 1998 is being commissioned by the Company’s Vice President of Exploration, Mr. David L. Gibson.
Last week, Coastal Pacific Mining Corp. provided an update on progress made on both the Santa Rita and Hotstone properties. Company management has determined that the Santa Rita property has substantial merit and potential. The Santa Rita property is in the District of Acobambilla, Province of Huancavelica, Department of Huancavelica, in the Republic of Peru. The Property is approximately 200 km southeast of Lima. The two subject claims covering an area of 1200 hectares are named: Celeste No 3 and Nueva Santa Rita.
The Company has scheduled a meeting to finalize a definitive option agreement with the current owners of the Santa Rita claims. These negotiations are expected to be completed by today, November 1, 2010, at which time the full details of the agreement will be released.
Concerning the Hotstone property, the Company has reserved funds for partial payment towards the first $50,000 option payment due on December 6, 2010. They expect that they will effect payment in full of the first $50,000 on or before the December due date.
Also last week, Coastal Pacific Mining Corp. announced the completion of the preparation of the Hotstone Exploration Work Program. This would fulfill the requirement for undertaking a $1.5 million work program on the Hotstone Gold Property, according to the terms of the option agreement. The work program will consist of Grid Line Surveying and Grid Cutting, IP Geophysical Survey, Geological and Geophysical Compilation, Mapping and Interpretation followed by an initial comprehensive Diamond Drilling program. Subject to the Company being successful in raising the required funds, Coastal anticipates starting the work program in the early months of 2011.
We’re keeping track of Coastal Pacific Mining Corp. on our radar screens as “One to Watch” this week. However, we advise investors to use caution as the stock’s value has increased over 1,000% in recent trading.
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