Northstar Gold Corp. (CSE:NSG) announced it has signed another Letter of Intent (LOI) to acquire property adjacent to its Miller copper-gold property located along the historic Boston Creek Copper Trend in Ontario.
The LOI is for the 64-hectare Philip property, which is located adjacent southeast of the Miller property.
The company said the LOI supports its consolidation strategy and complements its previously signed Boston Creek Mines property LOI for the 65-hectare property, which is also near the Miller property.
Both LOIs include a six-month exclusivity provision to provide for due diligence and the negotiation of acquisition terms.
"The Philip property LOI is key to Northstar's Boston Creek Copper Trend consolidation and exploration strategy to ground truth and drill test the Zone 2 Extension Conductor up to, and beyond the Philip property boundary,” Northstar CEO Brian Fowler commented.
“Positive exploration and due diligence results would provide basis for the negotiation of acquisition terms."
The company highlighted recent positive survey results from the Miller property, which defined three surface EM survey conductors believed to represent near-surface volcanogenic massive sulphides (VMS) horizons.
"The newly defined, near-surface, 350 metre-long 200 Siemens Zone 2 Extension EM Conductor on the Miller copper-gold property has signatures that potentially represent a large, near-surface VMS deposit,” CEO Fowler said. “Northstar is positioning to drill test the Zone 2 Extension Conductor later this summer."
The company intends to follow up on the 2023 Cam Copper trend surface sample and 2024 EM survey targets in the spring of 2024, with a program of prospecting, geological mapping, sampling and a Phase 2 diamond drill program.
It will also carry out the surface inspections of historic workings, due diligence of the Boston Creek Mines and Philip properties, and negotiate acquisition terms.