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Posts Tagged Property Acquisition
Hinterland Options Ballarat Property In White River Gold Play, Yukon
Posted by Admin in Claim Maps, News Releases, Property Acquisitions on June 23, 2009
Hinterland Metals Inc. has signed an option agreement to acquire a 100-per-cent interest in the 12-claim Ballarat property located approximately 15 kilometres to the south of the Golden Saddle zone where Underworld Resources Inc. recently reported notable gold values in drill intersections. Under the terms of the option, Hinterland has agreed to pay the vendor $40,000 cash, issue 400,000 shares and complete $500,000 of exploration work scheduled over a three-year period to earn a 100-per-cent interest in the property subject to a 2-per-cent royalty on mineral production. Hinterland will have the option to purchase 1 per cent of the royalty for $1-million and will have the right of first refusal on the remaining 1 per cent. In addition, Hinterland has agreed to pay the vendor an advance royalty of $110,000 upon the completion of an NI 43-101-compliant report that defines measured or indicated gold resources of 110,000 ounces or more on the property. The transaction is subject to regulatory approval. All securities issued pursuant to the option agreement will be subject to a four-month hold period from the date of issue.
Hinterland Properties near Underworld's White Gold
The vendor has been active in the White River area as far back as 1980 when he was involved in placer mining. He first staked the 102 Near claims in 1990 that covered most of Underworld’s present Black Fox property. In 1996 he restaked the 12 Kit claims at the head of Ballarat Creek to cover a southeast-trending soil geochemical anomaly outlined in 1991 that showed maximum individual values of 811 parts per billion (0.8 gram per tonne) gold (Yukon Geology AFR 092982). Quartz boulders on the Kit claims were also reported to return values up to 0.925 ounce per ton gold. Subject to the option agreement, Hinterland has staked the adjacent 68 Tik claims to cover the projected southeastern extension of the geochemical anomaly. Assuming all the staked claims are accepted and recorded by the Yukon mining recorder, the Ballarat property will include 80 claims (1,661 hectares) covering 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).
Mark Fekete, PGeo, is the designated qualified person as defined in Section 1.2 in and for the purposes of National Instrument 43-101 responsible for the contents of this release. The analytical results stated above are historical in nature, have not been verified by Hinterland and are not considered reliable in the context of NI 43-101.
STINA ACQUIRES TIE ON CLAIMS TO THE UNDERWORLD DISCOVERY PROPERTY IN THE NEWLY RECOGNIZED WHITE GOLD DISTRICT
Posted by Admin in News Releases, Property Acquisitions on June 19, 2009
Stina Resources Ltd. has entered into an option agreement with Ryanwood Exploration Inc. pursuant to which REI has agreed to grant the company an option to purchase a 100-per-cent beneficial interest in certain mining claims located in the Dawson mining district, Yukon Territory, generally known and described as the Kodiak property, subject to a 2-per-cent net smelter interest in favour of REI.
The option agreement is subject to the approval of the TSX Venture Exchange.
Pursuant to the option agreement, to exercise the option the company must:
Pay to Ryanwood:
$75,000 within five days after the approval date of the option agreement by the TSX-V;
$50,000 on or before June 15, 2010;
$100,000 on or before June 15, 2011;
$75,000 on or before June 15, 2012;
$75,000 on or before June 15, 2013.
Issue and deliver to Ryanwood:
250,000 common shares of the company within five days after the approval date of the option agreement by the TSX V;
200,000 common shares of the company on or before June 15, 2010;
200,000 common shares of the company on or before June 15, 2011;
200,000 common shares of the company on or before June 15, 2012;
200,000 common shares of the company on or before June 15, 2013.
Incur expenditures:
In the amount of $100,000 on or before Nov. 18, 2009;
In the additional amount of $200,000 on or before Nov. 15, 2010;
In the additional amount of $300,000 on or before Nov. 15, 2011;
In the additional amount of $500,000 on or before Nov. 15, 2012.
The Kodiak property claim block consists of 152 claims covering 30 square kilometres or 6400 acres and ties on to the southern side of Underworld white gold property. The Kodiak claim block also straddles Thistle creek which was the richest placer gold-producing creek in the area given up more than 63,000 ounces of placer gold since the turn of the century.
Ryanwood is the property vendor for Underworld’s white property and has re-evaluated the Geological Survey of Canada database for similar positive indicators for white-style mineralization. The GSC airborne magnetic data indicate the Kodiak claims are sitting on the same regional north — south magnetic high anomaly that Underworld’s white gold property is now covering. The GSC silt survey of the Thistle area indicates a 90-per-cent percentile gold anomaly, a 98-per-cent percentile arsenic anomaly and up to 99-per-cent percentile silver anomaly all draining from the Kodiak property. Again, all positive indicator elements in white-gold-style mineralization. The third piece of data that increases the Kodiak potential is the GSC geology map. The GSC geology map has noted a northwest and northeast trending regional structure and the same geological units were mapped by the GSC on both the white and Kodiak properties which consist of DMa amphibolites, DMogt orthogneiss, and DMps quartz mica schist.
There has been insufficient exploration to define a mineral resource on the Kodiak property, and it is uncertain as to whether, or not, further exploration will result in the discovery of a mineral resource on the property. Ed Ullmer, PGeo, Inc., is a designated qualified person for the company and was responsible for review of this news release.
MPH VENTURES ACQUIRES YUKON PROPERTY ADJACENT TO UNDERWORLD’S WHITE GOLD PROJECT.
Posted by Admin in Claim Maps, News Releases, Property Acquisitions on June 18, 2009
MPH Ventures Corp. has entered into an agreement to acquire a 100-per-cent interest in the quartz claims property. This property consists of 22 unit blocks in Yukon, adjacent and to the northeast of Underworld Resources Inc.’s White Gold property. The total land package is approximately 950 hectares. Underworld has been exploring sediment and vein-hosted gold targets and it has recently announced a discovery hole of 103 metres of 3.4 grams per tonne of gold. The land to the east, west and south of the quartz claims property has now been completely staked and a staking rush appears to be underway. The company is planning to mobilize a field crew to perform detailed mapping and sampling in the next few weeks.
MPH Ventures Claim Map
A Yukon map showing the area of interest and a quartz claims property map are available on the company’s website.
MPH Ventures will pay the vender $75,000 cash and 800,000 shares of MPH plus a 3-per-cent net smelter royalty, with an option to buy back 1 per cent for $1-million. The company also agrees to spend $250,000 over the next 12 months as a work commitment.
The company will pay a finder’s fee of 75,000 common shares in connection with the property acquisition.
ASHBURTON ACQUIRES YUKON PROPERTY ADJOINING UNDERWORLD’S WHITE GOLD PROJECT
Posted by Admin in News Releases, Property Acquisitions on June 18, 2009
Ashburton Ventures Inc. has acquired lode quartz mineral claims adjacent to the White gold property held by Underworld Resources, located in the Yukon. The Ashburton claims are tagged directly to the northeast, approximately 10 kilometres from Underworld’s recently announced discovery of 103 metres of 3.4 grams per tonne gold.
Ashburton’s claims appear to host similar metasedimentary stratigraphy as the Underworld White gold project as outlined in GSC mapping by Gordey and Ryan. Of note, the Yukon Minfile pinpoints an adit that was driven for 4.6 metres in 1902 on Ashburton’s claims.
Ashburton will pay the vendor, Blair Naughty, $75,000 cash, 650,000 shares of the company plus an additional 350,000 shares on the first-year anniversary. A 3-per-cent net smelter return royalty will be granted to the vendor with an option to buy back 1 per cent for $1-million. The company also agrees to spend $250,000 over the next 12 months as a work commitment. This transaction is subject to TSX Venture Exchange approval.
FIRST LITHIUM ACQUIRES YUKON PROPERTY NEAR UNDERWORLD’S WHITE GOLD PROJECT
Posted by Admin in News Releases, Property Acquisitions on June 17, 2009
First Lithium Resources Inc. has acquired lode quartz mineral claims located in the Yukon, east of the White gold property held by Underworld Resources Inc. The MCI claims are 15 kilometres east of Underworld’s recently announced discovery of 103 metres of 3.4 grams per tonne gold and cover just over 1,000 hectares in area. Underworld is exploring sediment and vein-hosted gold targets at the 169-square-kilometre (845-claim) White gold property.
MCI’s claims appear to host similar metasedimentary stratigraphy as the Underworld White gold project area as outlined in mapping by Gordey and Ryan from GSC mapping.
MCI will pay the vendor, Blair Naughty, $75,000 cash, issue 800,000 shares of MCI and grant a 3-per-cent net smelter return royalty, with an option to buy back 1 per cent for $1-million. The company also agrees to spend $25,000 by June 1, 2010, and an additional $225,000 by Sept. 1, 2010, as a work commitment. This transaction is subject to TSX Venture Exchange approval.
This news release has been prepared on behalf of the First Lithium Resources’ board of directors, which accepts full responsibility for its contents. The technical contents of this release have been reviewed and approved by J. Wayne Murton, PEng, a qualified person as defined by National Instrument 43-101.
CLOUDBREAK ACQUIRES YUKON PROPERTY ADJOINING UNDERWORLD’S WHITE GOLD PROJECT
Posted by Admin in News Releases, Property Acquisitions on June 15, 2009
Cloudbreak Resources Ltd. has acquired lode quartz mineral claims in the Yukon, located adjacent to the White Gold property held by Underworld Resources. The Cloudbreak claims are located directly to the east of the Underworld Resources Cathy 146 and Cathy 144 quartz mineral claims and approximately four kilometres from Underworld’s recently announced discovery of 103 metres of 3.4 grams per tonne gold. Underworld is exploring sediment-hosted and vein-hosted gold targets at the 169-square-kilometre (845-claim) White Gold property. Cloudbreak’s approximate 500-hectare and Alix’s property have now been completely surrounded by Underworld staking. GSC mapping by Gordey and Ryan indicates that the Cloudbreak claims appear to be underlain by similar metasedimentary stratigraphy as the Underworld White Gold property.
Cloudbreak will pay the vendor, Blair Naughty, $75,000 in cash, 1.25 million shares of Cloudbreak, plus a 3-per-cent net smelter return with an option to buy back 1 per cent of the NSR for $1-million. The company also agrees to spend $250,000 over the next 12 months as a work commitment. This transaction is subject to TSX Venture Exchange approval.
ALIX ACQUIRES YUKON PROPERTY ADJOINING UNDERWORLD’S WHITE GOLD PROJECT
Posted by Admin in Property Acquisitions on June 11, 2009
Alix Resources Corp. has acquired lode quartz mineral claims adjacent to the White Gold property held by Underworld Resources located in the Yukon. The Alix claims are tagged directly to the east of the Underworld Resources Inc., Cathy 150 and Cathy 148 quartz mineral claims and approximately four kilometres from Underworld’s recently announced discovery of 103 metres of 3.4 grams per tonne Au. Underworld is exploring sediment and vein-hosted gold targets at the 169-square-kilometre (845-claim) White Gold property. Alix’s approximate 500-hectare property has now been completely ring-staked by Underworld, and from GSC mapping by Gordey and Ryan, the Alix claims appear to host similar metasedimentary stratigraphy as the Underworld White Gold property.
The company will continue to seek additional claims in the area. Alix is also considering its options with regards to the previously announced private placement (May 26, 2009).
Alix will pay the vendor, Blair Naughty, $75,000 cash, 700,000 shares of Alix plus a 3-per-cent net smelter royalty with an option to buy back 1 per cent for $1-million. The company also agrees to spend $250,000 over the next 12 months as a work commitment. This transaction is subject to TSX Venture approval.
Alix will be mobilizing a field crew to the property within a couple of weeks to begin a systematic geological and geochemical survey of the claim block. This work will include detailed silt sampling of streams draining the property, along with rock sampling and geologic mapping. Alix Resources geologists are very familiar with working in the Tintina gold belt. The technical contents of this release were approved by Alix advisory board member and qualified person as defined by National Instrument 43-101, Dr. Tom McCandless, PGeo, For further information we invite you to visit the company’s website.
ARCUS ACQUIRES PROJECT ADJACENT TO UNDERWORLD’S WHITE GOLD DISCOVERY
Posted by Admin in Claim Maps, Property Acquisitions on June 10, 2009
Arcus Development Group Inc. has been granted by Atac Resources Ltd. an option to acquire a 50-per-cent interest in the Green Gulch, Touleary, Dan Man and Shamrock gold prospects, collectively referred to as the Dawson gold project. The four claim blocks cover an area of approximately 7,000 hectares and are located in west-central Yukon.
The Green Gulch claims are wholly surrounded by Underworld Resources Inc.’s White Gold discovery property. The Touleary claims are immediately adjacent to the western boundary of Underworld’s Black Fox property.
Arcus Claim Map
The exploration target at the Dawson gold project is orogenic gold mineralization within highly strained metamorphic rocks of the Yukon Tanana terrane. The project lies within a northwest trending belt of gold rich mineral deposits that extends from the Mount Nansen and Freegold Mountain areas, through the Sonora Gulch and Casino deposit areas and toward the Pogo mine in Alaska.
The focus of the 2009 exploration program will be geological mapping, prospecting and auger soil sampling of areas of geological interest. Follow-up work will include trenching of anomalous areas to identify potential drill targets. Atac is mobilizing crews and by starting the program as early as possible, the parties have maintained the option of drilling later in the 2009 field season.
Eric Tweedie, the Arcus vice-president of exploration, stated: “The Dawson gold project represents an excellent exploration opportunity for Arcus based on the geological setting and the proximity of the claim blocks to Underworld’s White Gold discovery. Atac was able to assemble a prospective land package in the area relatively early and cost effectively.”
To exercise the option and acquire a 50-per-cent interest in the project, Arcus is required to make aggregate payments to Atac of $185,000 cash and one million shares and incur exploration expenditures of $3.5-million prior to Dec. 31, 2011. The option is subject to Arcus completing a financing of not less than $1-million prior to Aug. 1, 2009. The terms of the financing have not been finalized and will be announced at a later date.
Upon the completion of its financing, Arcus will reimburse Atac for costs incurred by Atac as part of the 2009 program. All reimbursement costs and Arcus expenditures following the closing of the financing will be applied against the Arcus expenditure requirements.
If Arcus does not complete the financing by Aug. 1, 2009, the option will terminate and Atac will complete the 2009 program on its own behalf. Prior to completing its financing, Arcus will not have access to exploration results from the 2009 work program at the Dawson gold project.
PACIFIC RIDGE ACQUIRES GOLD PROPERTIES NEAR UNDERWORLD RESOURCES DISCOVERY
Posted by Admin in Property Acquisitions on June 9, 2009
Pacific Ridge Exploration Ltd. has staked 212 mineral claims comprising three properties containing gold exploration targets in proximity to a gold discovery reported by Underworld Resources Ltd. on their White Gold property in Yukon’s Klondike south of Dawson City.
Pacific Ridge’s gold target selections have been based on review of historical exploration data in the company’s files and management’s prior experience in the region that dates back to 1969.
Pacific Ridge will report further after additional property acquisitions may be completed and details of the company’s 2009 Klondike exploration program are finalized.
The company’s working capital as at March 31, 2009, was $939,400.
UNDERWORLD INTERSECTS 104.0 METERS OF 3.4 G/T AU AT GOLDEN SADDLE ZONE, WHITE GOLD PROPERTY, YUKON
Posted by Admin in Drill Results on May 26, 2009
Underworld Resources Inc. is releasing assay results from the first three holes from the 2009 drilling program from the Golden Saddle zone at the White Gold property. Significant thicknesses of gold mineralization within an interpreted shallow-dipping zone were encountered in all holes. Results are as follows:
WD09-28: 1.84 grams per tonne gold over 102.5 metres from 105 to 207.5 metres;
WD09-29: 3.89 grams per tonne gold over 60.5 metres from 145.5 to 206 metres;
WD09-31: 3.39 grams per tonne gold over 104.0 metres from 100 to 204 metres.
These holes were completed in a fence of four, drilled at the Golden Saddle zone, west of hole WD08-21 that returned 3.1 grams per tonne gold over 50.7 metres. The objective of these initial holes was to test for the continuity of mineralization and to test the mineralization to depth, below hole WD08-21 that bottomed in alteration and in mineralization.
Complete results from the three initial holes are provided in the table. It is currently interpreted that the mineralization is shallow dipping, however further assay results and additional drilling is required before reliably estimating true thickness. The four holes on this section span approximately 120 metres of down-dip extent, with assays pending for WD09-30. Additional assays are also pending from above and below the zone WD09-31.
Gold mineralization at the Golden Saddle zone is associated with strongly silica, albite and serecite-altered felsic schists associated with hydrothermal brecciation and quartz-pyrite stockwork and veinlettes. Gold grade is consistent throughout the mineralized interval, with higher-grade zones near the hangingwall and footwall. The mineralization encountered in holes WD09-28, WD09-29 and WD09-31 do not correlate with WD08-20, which is located farther southeast on the same section line. Hole WD08-20 collared in mineralization, encountering 27.7 metres averaging 1.87 grams per tonne gold; and may be a separate, shallow zone.
Two diamond drills are currently on the 169-square-kilometre White Gold property, and have completed to-date nine holes at the Golden Saddle zone, and one hole at Arc zone (located two kilometres southeast of Golden Saddle). An additional five holes are planned for the current phase 1 4,000-metre drill program, in addition to mapping, trenching and sampling on multiple other targets on the property. Further assays will be released upon receipt. A plan showing holes drilled to date, in progress and planned for Golden Saddle can be seen on the company’s website. Once additional holes are completed at the Arc zone a location map will be posted on the website.
Quality assurance
Underworld Resources has implemented a rigorous quality assurance and quality control program using best industry practice. Elements of the program include chain of custody of samples, standard and blank samples are submitted, with drill core sawn in half and shipped in sealed bags to ALS Chemex Laboratories in Vancouver, B.C. The continuing 2009 exploration program is directed by Adrian Fleming, MAIG, RPGeo, MAusIMM, president of Underworld Resources, and a qualified person as defined by National Instrument 43-101. Mr. Fleming prepared, and approves of the content of this release.
Area Play Portfolio
UW.V 0.00 0.00
CRB.V 0.065 0.00
KAM.V 1.85 +0.07
ATC.V 2.38 -0.03
ADG.V 0.09 0.00
PEX.V 0.09 -0.005
CT.V 0.04 +0.005
CDB.V 0.50 0.00
NTR.V 0.095 -0.02
MPS.V 0.02 +0.005
HAO.V 0.035 -0.005
AIX.V 0.06 +0.005
MCI.V 0.035 +0.01
HMI.V 0.055 0.00
NCM.V 0.03 0.00
SQA.V 0.21 0.00
ABR.V 0.03 0.00
NET.V 0.05 0.00
VHV.V 0.00 0.00
ALN.V 0.135 0.00
WER.V 0.15 +0.035
SQI.V 1.06 0.00
ALN.V 0.135 URA.V 0.06 0.00
WRN.TO 0.92 -0.04
CBC.V 0.045 0.00
TAK.V 0.05 +0.005
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