Goldrea signs LOIs to acquire 50% of Au prospects
2024-08-02 12:57 ET – News Release
Mr. James Elbert reports
GOLDREA EXPANDS CANNONBALL PROJECT AND NOW CONTROLS ALL ADVANCED COPPER GOLD PROSPECTS ADJOINING SEABRIDGE’S ISKUT PROJECT
Goldrea Resources Corp. has signed letters of intent to acquire a 50-per-cent interest in nine mineral claims (514 hectares) that cover multiple gold prospects adjoining the company’s Cannonball project.
As noted in the company’s March 4, 2024, press release, the Cannonball project, now covering a total of 5,478 hectares, straddles the projected northeast extension of a district-scale, structural corridor (reported by Seabridge Gold on Dec. 14, 2023) connecting three advanced porphyry targets — Snip North, Bronson Slope and Quartz Rise. Seabridge’s press release further stated that these prospects are similar to the cluster of porphyry systems defined at Seabridge’s KSM project, located approximately 50 kilometres to the southeast, and Seabridge is currently conducting a $12-million follow-up drilling program on the Iskut project involving three drill rigs.
The LOIs, signed July 30, 2024, include an agreement with Tana Resources to acquire a 50-per-cent interest in 443.20 hectares, referred to as the Double T property, and an agreement with Garibaldi Resources Corp. to add one tenure (70.90 hectares) to the existing King property joint venture. To acquire the 50-per-cent interest, Goldrea must incur $550,000 in exploration expenditures and pay $190,000 to the underlying vendor and issue a total of 750,000 shares by Oct. 31, 2025.
Goldrea’s exploration work since 2020 has confirmed the Cannonball project hosts multiple porphyry copper-gold and vein-type copper-gold prospects, which are described in the company’s March 4, 2024, press release. The new prospects include the King-Mist zone, a series of exposed quartz veins containing high gold values over an area of approximately 500 square metres; the Rumble Creek prospect (British Columbia Ministry of Mines Minfile records indicate gold values up to 47 grams per tonne gold were reported in the 1980s.), and the North zone which is a skarn-type, polymetallic prospect that exhibits high silver values. Independent consultants retained by Tana Resources have recommended drilling at the King-Mist zone and the North zone and all of the new prospects are located within the projected extension of the structural corridor reported by Seabridge.
Recent studies by Goldrea’s consultants provide confirmation that the underlying rock units are the same age as the rocks that host the world-class deposits that have been discovered throughout the Golden Triangle.
Jim Elbert, president and chief executive officer, commented: “Seabridge Gold’s ongoing work on their Iskut project and recognition that the Cannonball project straddles the same structural corridor were major milestones in 2023. The $12-million drill program Seabridge allocated for drilling during 2024 demonstrates the importance of this new porphyry district. The new acquisitions give Goldrea effective control of all of the advanced copper-gold prospects with historic drilling/geophysics adjoining the Iskut project.”
Carl von Einsiedel, PGeo, is a non-independent qualified person within the meaning of National Instrument 43-101 standards and has prepared, reviewed and approved the scientific and technical information included in this press release.
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