Snowline Gold Corp. (CSE:SGD) announced that its acquisition of Yukon Territory exploration assets from StrikePoint Gold (TSX-V:SKP) Inc (along with targeted staking) has more than doubled its mineral tenure holdings in the Selwyn Basin.
The company now owns roughly 254,000 hectares (ha) of mineral tenure holdings. The acquired properties and certain blocks of the newly staked claims are considered to be prospective for reduced-intrusion-related gold systems (RIRGS) similar to its Valley Zone.
"Our drill discoveries provide strong proof-of-concept for the gold potential of this part of the Selwyn Basin, particularly for reduced-intrusion related gold systems like Valley," Snowline CEO Scott Berdahl said in a statement.
READ: Snowline Gold reports encouraging early drill results from Valley discovery at Rogue project, Yukon
"Our recent staking and the acquisition of the Yukon exploration property portfolio from StrikePoint Gold (TSX-V:SKP) add significantly to our exploration pipeline,” he said. “While our primary focus remains on our flagship Rogue and Einarson discoveries, these expansions add great depth to Snowline's exploration pipeline, giving shareholders the potential to participate in multiple future discoveries of this type."
The acquisition agreement saw Snowline acquire 4,713 mineral claims from StrikePoint in exchange for $500,000 in cash and 500,000 common shares. As carried over from a previous agreement, the mineral claims are subject to a 2% net smelter return and up to three milestone cash payments of $750,000 if total expenditures of $7.5 million, $15 million and $25 million are reached.
The claims cover various geological targets prospective for gold, the company said. Specifically, the Golden Oly project covers a series of mid-Cretaceous aged felsic intrusions prospective for RIRGS mineralization. Limited historical work by previous operators encountered sheeted quartz vein arrays and surface grab samples of up to 19.2 grams per ton (g/t) of gold, although these results have not yet been verified by the company.
Elsewhere, ongoing drilling at Snowline's Valley Zone has encountered additional long intervals of high-density sheeted quartz veins, similar in character to that encountered in previously announced holes V-22-005 and V-22-007 (331.3 meters at 1.03 g/t gold, including 192.0m at 1.52 g/t gold; and 282.9m at 2.30 g/t gold, including 146.0m at 3.24 g/t gold, respectively).
More than 9,919m have been drilled at the Valley Zone this season, with 10,718m total drilled on the target to date. Assays for more than 22 holes drilled at Valley in 2022 remain pending, including assays for the bottom 31% of V-22-007.
Snowline Gold is a Yukon Territory-focused gold explorer with a seven-project portfolio covering over 127,000 hectares.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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