Snowline Gold Corp. (CSE:SGD) said it has completed the previously announced acquisition of a large portfolio of Yukon Territory exploration assets from StrikePoint Gold (TSX-V:SKP) Inc for $500,000 in cash and the issuance of 500,000 shares.
"The StrikePoint portfolio comprises ten gold properties in the Yukon's Selwyn Basin, complementing our existing portfolio and exploration efforts well," said Scott Berdahl, CEO & Director of Snowline in a statement.
"Most notably, the 'Golden Oly' project covers at least seven distinct reduced intrusion-related gold targets. Each target is geologically similar to our ongoing Valley discovery on our Rogue Project. Based on that success, this is ground we would have staked if it were open. Instead, we have acquired not just the properties, but also extensive geochemical, geophysical and geological datasets which will accelerate our exploration efforts-all for roughly the cost of staking. We will apply our growing knowledge of reduced intrusion-related gold systems and of the Selwyn Basin to build on our track record of discovery," he added.
READ: Snowline Gold announces additional preliminary assay results from 2022 drilling program at Valley Zone
In accordance with Canadian securities laws, the consideration shares are subject to a statutory hold period of four months and one day, expiring on February 21, 2023. The shares are also subject to a contractual hold period of six months, expiring on April 20, 2023.
Snowline Gold is a Yukon Territory-focused gold exploration company with a seventeen-project portfolio covering more than 254,000 hectares (ha). The company is exploring its flagship more than 111,000 ha Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin.
Contact the author at jon.hopkins@proactiveinvestors.com