Stuhini Exploration Ltd has acquired two mineral properties in British Columbia.
In a statement, the company said the Island Property was acquired from Brixton Metals Corporation (TSX-V:BBB, OTCQB:BBBXF) for $60,000 cash and is roughly 1,277 hectares in size and contiguous with the south-central border of its Ruby Creek Property.
Stuhini said that Brixton has reserved a 1% net smelter returns royalty (NSR) interest on the property while an additional 1% NSR is reserved for other arm's length parties from whom Brixton originally purchased the site.
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Stuhini said the Island Property has potential for significant gold mineralization and includes the middle to lower sections of Wright Creek and a section of Otter Creek, both of which have been the focus of significant historic placer gold mining.
The second acquisition is the Big Ledge Property, which Stuhini said was acquired from a company director for nominal consideration and is roughly 5,094 hectares in size. No royalties, finder's fees, or work commitments are associated with the transaction.
The Big Ledge Property is a stratiform zinc deposit and is road accessible via a forest service road from Highway 23. The mineralization consists of sphalerite, pyrite, pyrrhotite, galena, with lesser chalcopyrite and marcasite hosted in a folded assemblage of marble and quartzite known as the Ledge Unit within the Shuswap metamorphic complex of the Proterozoic Monashee Group.
The mineralized zones have been reported up to 18 metres in thickness in drilling and have been traced through geophysics and prospecting for distances of over 5 kilometres. The most recent historic samples have assayed up to 4.70% zinc.
"The Island Property acquisition is a great opportunity to further explore highly prospective, road-accessible ground in the Atlin gold camp,” said Stuhini CEO David O’Brien.
“Both Wright and Otter Creeks have had a rich history of placer gold production and gold-bearing quartz veins have been previously found in the bedrock on Otter Creek. The Big Ledge Property provides the Company a low-risk opportunity to explore a potentially significant zinc deposit. This property is also road accessible and located much further south than our Ruby Creek and Que Projects, thus allowing a longer and less expensive window for exploration while at the same time enjoying the advantage of being serviced out of Revelstoke and surrounding communities. Both property acquisitions are in line with our goal of enhancing shareholder value by acquiring and exploring cost-effectively high potential mineral projects in western Canada."
In other company news, Stuhini said its geologists and consultants continue to explore the Ruby Creek Property.
Early work concentrated on the southwestern portion of the tenures and include the Lakeview, Little Edna, and Boulder Creek gold targets and in the northeastern portions of the tenures following up on the Silver Surprise target, where grab samples from the 2020 exploration program assayed as high as 14,179 grams per tonne (g/t) silver. Work includes soil sampling, mapping, prospecting, airborne hyperspectral surveying, and induced polarization surveying.
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