The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Doubles Yukon land package, expands exploration pipeline North of 60 Mining News – September 23, 2022
Snowline's newly staked claims are shown in yellow, while the StrikePoint acquisitions are outlined in green. Click image to see larger map.
Click image to see larger map of Snowline's project locations.
Snowline Gold Corp. Sept. 20 announced the doubling of its Selwyn Basin mineral holdings to roughly 254,000 hectares (628,000 acres) through targeted staking and the acquisition of a large portion of StrikePoint Gold Inc.'s Yukon gold exploration properties.
A recent addition to the Yukon's vast collection of exploration companies, Snowline began its exploration of this northern Canadian territory in 2017 and has since grown to nearly C$350 million in market capitalization.
Presently exploring seven prospective targets, Snowline's portfolio is split between Rogue, Einarson, Ursa, Cynthia, and Rainbow in the Selwyn Basin near Yukon's eastern border with Northwest Territories, along with the Tosh and Cliff projects closer to Yukon's western border with Alaska.
Given the ongoing exploration success at Rogue, Snowline determined to acquire the surrounding claims from StrikePoint, which the company believes to be prospective for a similar style of mineralization.
"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," said Snowline CEO Scott Berdahl. "Our recent staking and the acquisition of the Yukon exploration property portfolio from StrikePoint Gold add significantly to our exploration pipeline."
Under the agreement, Snowline will acquire 4,713 mineral claims from StrikePoint in exchange for C$500,000, as well as the issuance of 500,000 common shares (valued at C$1.38 million).
"We have now positioned ourselves as shareholders in Snowline Gold, an exciting, Yukon-focused exploration company with a new discovery, while remaining focused on advancing our Golden Triangle properties," said StrikePoint CEO Shawn Khunkhun.
The StrikePoint properties being acquired by Snowline include Golden-Nug-Oly, Can East, Horn, How, MacEast, Nordic, Otter, PPM, TET, and Tintina.
There are no pressing claim maintenance costs for the property package. There are, however, stipulations being carried over from a previous agreement – the claims are subject to a 2% net smelter return as well as up to three milestone cash payments of C$750,000 if total expenditures of C$7.5, C$15, and C$25 million are reached.
The Golden Oly project, located primarily in the Mayo and Watson Lake Mining Districts, hosts an intrusion-related gold system located approximately 75 kilometers (47 miles) south of Snowline's Rogue.
In addition to the acquisition, Snowline has also significantly expanded its Selwyn Basin projects through staking. Newly acquired areas were identified by the Snowline team as having elevated potential to host gold deposits based on geological, geochemical, and geophysical information and based on the company's evolving understanding of rocks and mineralization in this area through its surface and drill campaigns.
"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," finished Berdahl.
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