The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Strongbow Exploration Inc. March 10 said it has agreed to acquire a 100 percent interest in the Sleitat and Coal Creek tin properties in Alaska through the purchase of Thor Gold Alaska Inc., a private company.
The Sleitat property consists of 3,520 acres of State of Alaska mining claims located roughly 85 miles northeast of Dillingham.
This tin property was explored by Cominco America Inc. in the mid-1980s and Solomon Resources in the mid-2000s.
In 1989, the U.S. Bureau of Mines estimated the Sleitat prospect to contain 25.9 million tons at average grades of 0.224 percent to 0.37 percent tin.
The Coal Creek property consists of 2,400 acres of state mining claims located about 175 miles north of Anchorage and to the west of the Parks Highway.
Past evaluation of the Coal Creek property was conducted by Houston Oil and Minerals in the early 1980s and Brett Resources in the late 2000s, including 5,950 meters of drilling in 46 holes.
In 1982, Houston Oil and Minerals estimated a preliminary geologic resource for the Coal Creek prospect of 4.77 million metric tons grading 0.27 percent tin.
Estimates for both properties are historical in nature and do not meet resource estimate guidelines in either the United States or Canada.
Concurrent to the purchase, Strongbow intends to raise up to C$1 million through a non-brokered private placement of 10 million units at C10 cents per unit.
Each unit will consist of one common share and one half of a purchase warrant.
Each full warrant will allow the holder to purchase one share of Strongbow at C20 cents for a period of 24 months from the closing date of the financing.
Proceeds from the private placement will be used to finance initial exploration programs at Sleitat and Coal Creek and for working capital purposes.
The private placement is integral to the acquisition of Thor.
Strongbow is a Canadian exploration company with a large nickel property in southeastern Northwest Territories and two copper-gold properties in southern British Columbia.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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