Archive for category Property Acquisitions

MARIPOSA PROPERTY EXPANDED TO OVER 1,400 CLAIMS AND PACIFIC RIDGE EXPLORATION TO ATTEND THE VANCOUVER WORLD RESOURCE INVESTMENT CONFERENCE

Pacific Ridge Exploration Ltd., by way of recent claim staking plus option of an adjacent property, has expanded its Mariposa property holdings by 44 per cent, to over 1,400 claims that now cover 262 contiguous square kilometres within the Yukon’s white gold district.
The recently completed staking of 387 mineral claims has extended the northwestern and southeastern boundaries of the Mariposa property.

These claims were staked to cover airborne magnetic features which have been interpreted to represent geologic structures with potential to host gold mineralization. The northwestern claim block lies to the north of the plateau of the Skookum Jim gold-in-soil anomaly, while the southeastern block covers an area drained by creeks with anomalous gold-in-silt results of 12 and 34 ppb gold, obtained from government geochemical surveys.

In the northwestern area of the property, Pacific Ridge also has an option to acquire an additional 39 claims by way of a letter of understanding with a private vendor. To exercise the option and earn a 100% interest in the property, Pacific Ridge will issue 200,000 common shares and pay $85,000 in staged payments over the ensuing three-year period. The property will be subject to a 2% net smelter return royalty (NSR) that allows Pacific Ridge the exclusive right to buy 50% of the NSR (1%) for $1,000,000 upon receiving a production notice in respect of the property. The letter of understanding is subject to acceptance for filing on behalf of Pacific Ridge by the TSX Venture Exchange.

On June 5th and 6th, Pacific Ridge Exploration will be represented at the Cambridge House Vancouver World Resource Investment Conference, booth number 1012. Management will be in attendance and pleased to update shareholders and all interested parties. In addition, John Brock, President and CEO will provide a corporate presentation on Sunday, June 5th at 12:00 pm in Workshop Room 1.

Janice Fingler, P. Geo., Vice-President Exploration for Pacific Ridge Exploration Ltd. is the Qualified Person, as defined by NI 43-101, for the property and has reviewed the technical information in this release.

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NORTHERN TIGER RESOURCES INCREASES 3ACE LAND POSITION

Northern Tiger Resources Inc. has significantly expanded its land position at the 3Ace property in southeast Yukon. The company recently announced a new gold drill hole discovery on the project, including an intercept grading 14.8 grams per tonne gold over 10.9 metres. Since acquiring the initial 143 claims in April, Northern Tiger has staked an additional 823 claims and acquired 20 claims from a prospector to bring the total claim block up to 986 claims (206 square kilometres).

Seven regional targets totalling 256 claims (54 square km) have also been staked. These regional targets cover gold/arsenic silt geochemical anomalies in favourable quartz pebble conglomerate host rocks similar to those found on the 3Ace property.

“The success of our initial exploration season at 3Ace warranted a significant increase to our land position,” says Greg Hayes, president of Northern Tiger. “Northern Tiger now holds a substantial land package in an underexplored part of the Yukon that we have demonstrated is very prospective for the discovery of additional high-grade gold vein systems.”

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HINTERLAND STAKES ADDITIONAL CLAIMS AT BALLARAT PROJECT IN WHITE GOLD DISTRICT OF YUKON

Hinterland Metals Inc. has staked an additional 106 claims adjacent to its Ballarat gold property located approximately 100km due south of Dawson City in the White Gold District of Yukon. Included in this staking are several key fractional claims located at the northwest corner of the property. Hinterland has effectively doubled the size of Ballarat to 200 claims enclosing an approximate area of 4140 hectares. Ballarat covers the southeastern slopes of Thistle Mountain. Historical cumulative placer gold production from creeks draining Thistle Mountain including Ballarat, Thistle, Kirkman, Sparkling and Barker is reported to be 104,604 ounces in the period 1913 to 2006 (Compiled from Yukon Placer Mining Industry volumes published by Indian and Northern Affairs Canada).
Hinterland has also staked two new properties in the White Gold Area. The 38 (787ha) “Divide” claims cover a ridge that divides Thistle and Barker creeks approximately 7km north of Ballarat. Both creeks currently have active placer mines in operation and have seen significant past production of placer gold. The 38 (787ha) “Erin” claims are located just north of the Stewart River approximately 10km northeast of the Golden Saddle deposit held by Kinross. Hinterland also holds 10 claims (207ha) located on Coffee Creek. These are enclosed by Kaminak’s Coffee property and are located approximately 5km east of Kaminak’s new Supremo discovery.
Mark Fekete, P.Geo is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 responsible for the preparation of this release.

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Taku Acquires Five New Properties to Become Second Largest Claim Holder in White Gold District of Yukon

Taku Gold Corp. (the “Company”) (TSXV: TAK) is pleased to announce that it has purchased a 100% interest in five individual properties from a Yukon based staking syndicate. The properties are located approximately 50km southeast of Dawson City in the Klondike goldfields of Yukon. Together the properties include 1,522 claims (31,505ha). The addition of these new properties to its existing Dan and Rosebute properties gives Taku a dominant position in the White Gold District with 2,544 claims (52,660ha).

Taku has agreed to purchase the five properties for total consideration of 1.8-million common shares of Taku. Taku has also agreed to pay invoices submitted by third party contractors for staking costs that in aggregate will not exceed normal commercial rates of $250 per claim ($380,500 total). The Shares will be subject to a four month hold period, as prescribed by applicable securities legislation and the policies of the TSX Venture Exchange.

The Sulphur property includes 548 claims (11,344ha) and was staked to cover the southeast-trending ridge that separates Sulphur Creek from the Indian River where significant placer gold has been produced historically and production is still ongoing. Total consideration for a 100% interest in the Sulphur property is 655,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Quartz property includes 146 claims (3,022ha) and was staked to cover left limit of Quartz Creek where significant placer gold has been produced historically and production is still ongoing. Total consideration for a 100% interest in the Quartz property is 165,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Montana property includes 268 claims (5,548ha) and was staked to cover the lower end of Montana Creek and Steele Fork. Airborne magnetic data and limited geological mapping indicate that Steele Fork follows a thrust fault prospective for gold mineralization. The property ties onto the northeast corner of Kinross’s JP Ross property. Total consideration for a 100% interest in the Montana property is 320,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Wounded Moose property includes 280 claims (5,796ha) and was staked to cover a series of circular airborne magnetic highs that parallel Wounded Moose Creek where placer gold production has been recorded. Total consideration for a 100% interest in the Wounded Moose property is 330,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The AM property includes 280 claims (5,796ha) and covers the headwaters of Australia and Melba creeks where placer gold production has been recorded. The property was staked to cover a prominent airborne magnetic low that continues from Gold Run Creek across the Indian River valley onto the AM property. Gold Run is historically one the most productive creeks in the Klondike goldfields and continues to produce placer gold today. Total consideration for a 100% interest in the AM property is 330,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

“Our goal is to make Taku a leader in the White Gold District. These new acquisitions give us a land base to pursue exploration over a 4 to 5 year period” stated Zak Dingsdale, President and CEO.

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Central Resources Acquires Properties in White Gold District

Central Resources Corp. is pleased to announce that is has entered into an option agreement with Strategic Metals Ltd., (“Strategic Metals”) to purchase a 100% interest in six separate groups of mineral claims (the “Properties”) located within the White Gold District, Yukon.

The Properties consist of 522 mineral claims in six separate groups, all of which are located within the Dawson Range, in the west-central portion of the Yukon-Tanana terrane. This area is underlain predominantly by metasedimentary and metavolcanic rocks of inferred Devonian to Mississippian age, which are intruded by numerous Mesozoic granitic plutons hosting copper, molybdenum and gold mineralization.

The Properties were staked by Strategic Metals to cover areas of anomalous stream sediment and soil geochemical surveys. Kaminak Gold Corp. has had recent success drilling geochemical anomalies at their Coffee project, which is underlain by similar rocks of the same terrane. A map showing the property locations can be found on the Company’s website www.centralres.ca.

Option Terms

Under the terms of the option agreement, Central can earn a 100% interest in the Properties, subject to a 3% Net Smelter Royalty (“NSR”), by making staged payments to Strategic Metals of $300,000 cash and 3,000,000 shares by February 15, 2012, as described in the table below. Central has the right to purchase 1% of the NSR at any time for a cash payment of $1,000,000. A finder’s fee is payable to Axeman Resource Capital Inc., an exempt market dealer. The agreement is subject to acceptance by the TSX Venture Exchange.

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Detailed Option Terms
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Date Cash Payment Share Issuance
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Upon Exchange Acceptance $115,000 500,000
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February 15, 2011 $35,000 1,000,000
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February 15, 2012 $150,000 1,500,000
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Peter Thiersch, M.Sc., P.Geo., a “Qualified Person” as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

About Central Resources

Central Resources Corp., is a junior mineral exploration company created to leverage the extensive knowledge and expertise of an experienced team of financial and resource industry professionals.

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Silver Quest Acquires Strategic Claims in Dawson Range

Silver Quest Resources Ltd. has entered into a mineral claims sales agreement to acquire 11 claim blocks, comprising 234 quartz mineral claims (49 square kilometres), from Atac Resources Ltd., located in the Dawson Range, Yukon Territory.

Under the terms of the Agreement, the Company will acquire a 100% interest in the 11 claim blocks, by making a one time cash payment of $115,000 and issuing 250,000 common shares. The claims were initially staked by ATAC based on anomalous gold silt and soil geochemical surveys undertaken by Archer, Cathro & Associates (1981) Limited, the Yukon Geological Survey and the Geological Survey of Canada. The Agreement is subject to regulatory acceptance and the securities issued pursuant to the Agreement will be subject to a four month hold period trading restriction from the date of issuance.

The Company has recently staked two additional claim blocks (232 mineral claims) in the Dawson Range. The claims, on Wolf Creek (the “Flow Property”) and Independence Creek (the “Solitude Property”), are subject to a bonus share clause under the Company’s July 20, 2009 Option Agreement (the “Boulevard Agreement”) with Rimfire Minerals Corporation (“Rimfire”), a wholly-owned subsidiary of Kiska Metals Corporation, and Northgate Minerals Corporation (“Northgate”) (see News Release July 23, 2009). Under the terms of the Boulevard Agreement the Company will issue 100,000 common shares, subject to a four month hold period trading restriction, to each of Rimfire and Northgate.

The Company has assembled one of the largest land packages in the Dawson Range, controlling approximately 236 square kilometres of mineral claims.

A detailed geochemical sampling and trenching exploration program is currently being planned for these properties.

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Pacific Ridge Acquires Mariposa Property in South Klondike

Pacific Ridge Exploration Ltd. has added the Mariposa gold property to its portfolio of four gold targets already held in the Yukon’s South Klondike region.

The Mariposa property, consisting of 203 mineral claims, covering approximately 50 square kilometres and located approximately 50 kilometres east of Underworld’s Whitegold discovery, lies within a regional major northwest trending structural corridor hosting gold and copper deposits.

The Mariposa claims cover a 14-kilometre length of a geological setting analogous to the Whitegold style of gold mineralization. The Mariposa vendors, who have been exploring the property for the past 10 years, have defined an open-ended seven-kilometre length of altered quartz mica schist favourable for hosting gold mineralization within the Klondike region. Initial soil sampling at the western exposed end of the host schist has defined an open-ended two-kilometre-long gold soil anomaly contoured above 20 parts per billion gold. Preliminary soil sampling by the vendor has also outlined a second open-ended gold target, measuring a square kilometre and overlying nearby intrusive rocks. There also appears to be a relationship between aeromagnetic anomalies and indications of gold mineralization. All streams draining the property are known to contain placer gold, of which Scroggie Creek has had a long history of placer gold production which continues today. The placer miners recovery of hackly gold nuggets may suggest the presence of nearby lode gold sources.

During the balance of this season, Pacific Ridge will continue with geochemical surveys at the Mariposa property to further define existing gold anomalies in preparation for next season’s plan for trenching followed by drilling.

On Pacific Ridge’s Goldcap, Stewart-Polar, Eureka and Moose properties, geochemical sampling and geological mapping are in progress.

Subject to receipt of regulatory acceptance, Pacific Ridge will make an initial payment of $20,000 and 250,000 shares. Pacific Ridge will have the option to earn 100 per cent over the next five years by making payments in the aggregate amount of $120,000 and two million shares and minimum exploration expenditures of $600,000. The vendors will also be entitled to receive an additional one million shares upon a production notice having been made plus an additional one million shares upon commencement of commercial production. The vendors will also receive a 2-per-cent net smelter royalty from production, of which 1 per cent can be bought down by Pacific Ridge for $1-million.

As previously reported, Pacific Ridge has received $320,000 from the closing of a private placement offering of flow-through and non-flow through units.

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Kaminak Stakes New Ground in Yukon

Kaminak Gold Corp. has staked 210 additional claims (4,250 hectares) in the emerging White gold district of the Yukon. The newly acquired claims tie on to the southwest corner of the company’s Coffee property and extend south and west to the company’s Cream property. Kaminak now holds title or has title pending to over 13,000 hectares (32,000 acres) in the White district.

These claims were staked in order to cover the possible extensions of newly defined soil anomalies on the Coffee property. Kaminak has now received results for over 2,250 soil samples from across the property, resulting in the definition of eight separate gold-in-soil trends occurring over a length of 11 kilometres. Several of these trends remain open to expansion. From west to east these trends are named: Espresso, Kona, Latte, Supremo, Double Double, Mocha, Arabica and Java. With the exception of Supremo, all of these trends were identified in this year’s soil sampling program. Of note, the Latte trend extends over 800 metres long by 50 to 100 metres wide, averages 603 parts per billion Au along the entire length and is open to the west. Maps showing the location and intensity of these trends are now available on Kaminak’s website.

Kaminak is currently awaiting rock assays from 494 chip samples taken from shallow trenches which were dug over priority gold-in-soil anomalies at the Supremo and Latte trends. Results are expected in the coming weeks. To date, only 50 rock assay results from trenching have been received by Kaminak successfully identifying gold surface mineralization on the Supremo trend and grading 2.3 grams per tonne Au over 21 m. Additional trenching is continuing at the Kona and Espresso trends.

Once all trench results have been received, Kaminak will proceed with an initial diamond drill program over priority targets in the spring of 2010. Expected winter weather conditions will force the current field program of trenching and soil sampling to be completed before the end of September.

A total of 2,250 soil samples have been analyzed so far during the 2009 season and 81 of these samples yielded results greater than 75 ppb Au (highest threshold). Over all, results ranged from background (less than 15 ppb Au) to a high of 3,156 ppb Au or 3.156 g/t Au. Gold-in-soil anomalies are also associated with high arsenic (As) and antimony (Sb). Two hundred twenty five samples yielded arsenic values greater than 100 parts per million As (range one to 967 ppm) and 22 samples assayed greater than eight ppm Sb (range nil to 117 ppm).

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Underworld Resources Increases Land Holdings

Underworld Resources Inc. has significantly expanded its land position in the White gold district through acquisition and additional staking. The majority of this new ground is contiguous with the original claim group hosting the Golden Saddle and Arc gold discoveries.

The majority of new claims were staked by Underworld following the recent gold discovery on the Golden Saddle deposit, located 90 kilometres south of Dawson, the location of the famous Klondike gold rush.

In total, Underworld now holds title to or has title pending on 2,907 quartz mining claims for a total area of 589 square kilometres, doubling the size of the land package.

The 100-per-cent-owned White gold property hosts a significant discovery at the Golden Saddle deposit. Underworld’s continuing drilling program currently has assays pending for a further 23 drill holes at the Golden Saddle deposit and has increased the size of the current drill program at the White gold project to 25,000 metres.

These new claims were staked based on regional geology and geochemistry, exhibiting favourable similarities to the Golden Saddle and Arc discoveries at White Gold.

Additionally, the company has amended the original agreement with Shawn Ryan to acquire a 100-per-cent interest in an additional 646 claims in the White gold district. As compensation for these claims, Underworld will pay the following: Reimburse Mr. Ryan $250 per claim, Issue to Mr. Ryan 200,000 common shares of Underworld on the date that is five business days following the date of acceptance of the TSX Venture Exchange of the agreement, Issue an additional 200,000 common shares of Underworld on or before Aug. 12, 2010, and issue an additional 200,000 common shares of Underworld on or before Aug. 12, 2011, Pay Mr. Ryan $1 per ounce for any ounces of gold on the additional claims that are categorized as reserves or measured or indicated resources in a National Instrument 43-101 technical report publicly distributed by Underworld (payable within 90 days of the date the report is published by Underworld) or at the time of the acquisition of at least 50 per cent of the issued and outstanding voting or equity securities of Underworld by a third party based on an internal technical report prepared by Underworld (payable within 90 days of the acquisition).

Some claims recently acquired are subject to a finder’s fee.

The company is currently evaluating its extensive additional landholdings with reconnaissance mapping, sampling and prospecting. Underworld has carried out systematic ridge and spur soil sampling plus selective grid soil sampling on several of these new areas.

The continuing 2009 exploration program is directed by Adrian Fleming, MAIG, RPGeo, MAusIMM, president of Underworld Resources and a qualified person as defined by NI 43-101. Mr. Fleming prepared and approves of the content of this release.

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Silver Quest Acquires Additional Properties in White Gold Area Play, Yukon

Silver Quest Resources Ltd. has signed option agreements to acquire a 100-per-cent interest in the Sizzler and VO gold properties. The properties are located in the newly recognized White Gold area, approximately 120 kilometres south of Dawson City, Yukon. The principal target on each property is a near-surface, bulk-tonnage gold deposit, similar to the new discoveries on Underworld Resources Inc.’s White Gold property.

Pursuant to the two option agreements, the company can acquire a 100-per-cent working interest in each property by making cash payments of $60,000 and issuing 800,000 shares per property to the optionor. The initial $15,000 payment and first tranche of 200,000 shares on each property will be made following acceptance by the exchange. The optionor has retained a 2-per-cent net smelter return (NSR) royalty on each property, with the company having the right to buy back one-half of each royalty for $1-million within three years of the exercise of the option. In addition, should the company complete a National Instrument 43-101-compliant resource estimate on either property reporting in excess of 100,000 ounces of gold in an indicated category, the company will be required to make a one-time payment of $100,000 and issue 75,000 shares to the optionor for such property. The option agreements are subject to acceptance by the TSX Venture Exchange. All shares to be issued will be subject to a four-month hold period trading restriction.

The Sizzler property comprises 36 claims (750 hectares) and is located approximately 65 kilometres southeast of Underworld‘s Golden Saddle discovery, just north of Cripple Creek. The Sizzler property was previously explored by Kerr Addison Mines Ltd. in 1985-1986. Kerr Addison discovered quartz stringers, quartz stockworks and silicified breccias over a 1.7-square-kilometre area, hosted in rhyolitic quartz feldspar dikes. Limited rock and soil sampling was completed with values in rock up to 1.06 grams per tonne (g/t) gold and up to 60 parts per billion (ppb) gold in soil samples.

The VO property also consists of 36 claims (750 hectares) and is located on the north side of the Yukon River, approximately 15 kilometres northwest of the Golden Saddle discovery. The property is interpreted to be underlain by the same geological setting as the White Gold property.

Silver Quest is pleased to have acquired these additional prospective properties in this emerging gold district. A fall 2009 exploration program is planned to include geological mapping, geochemistry and trenching, directed at the definition of drill targets. Robert Weicker, PGeo, is the qualified person as defined by National Instrument 43-101 for these projects and has verified and supervised preparation of the scientific and technical information in this release.

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