New Canadian junior acquires interest in Pogo area property

Patricia Jones

Petroleum News contributing writer

Bright Star Ventures Ltd., a Vancouver, British Columbia-based junior exploration company with a platinum property in southern British Columbia, is making its first foray into Alaska by acquiring a 35 percent interest in the West Pogo property.

Bright Star purchased its interest in the grassroots exploration play formerly called North Star from Zeus Exploration, a deal finalized in late September and publicly announced on Oct. 6.

“Rather than a cash and stock bid, we made an all-share deal,” said Steve Johnston, in corporate development communications at Bright Star. “Zeus now owns 300,000 shares of Bright Star.”

Located five miles west of the 5.5 million-ounce Pogo gold deposit, which is being developed by Teck Cominco and Sumitomo Metal Mining, the west Pogo property comes to Bright Star with a major mining partner involved.

AngloGold (U.S.A.) Exploration Inc. holds an option to earn a 65 percent interest in Bright Star’s new property by spending $800,000 on exploration over a six-year period.

In addition, there are future property payments to Bright Star of $150,000 over the next several years.

AngloGold, which is the property operator for West Pogo, also holds agreements with two other Vancouver-based juniors, Rimfire Alaska Ltd. and Nevada Geothermal Power, for neighboring claims.

This summer, AngloGold conducted a limited core drilling program on the joint West Pogo project. Plans called for drilling up to 10 holes, spread across property held by the three juniors. (See story in June 22 Petroleum News.)

Henry Jung, general manager of Bright Star, said two holes were drilled on the property that his company recently acquired. He expects to release assay reports in the future.