Miner Signs Option To Purchase Mineral Rights In BC
The Gold Report | Jul 03, 2018 02:28AM ET
Shamrock Enterprises Inc (SNX:SRS) recently announced it has signed an Option to Purchase Agreement to acquire a 100% interest in the Buckley Project mineral claims, in British Columbia. Located about 57 kilometers southwest of Houston, British Columbia, the Buckley Project consists of 24 mineral claims covering an area of 15,371.5 hectares. It is also contiguous with Shamrock's Stellar claims, which partially surround ML Gold's new Stars porphyry discovery.
"Speculatively, Shamrock's northern tenures are believed to cover intrusive rocks, marked by airborne magnetic highs, which could host mineralization—these will be the main targets for this season's exploration in the area," stated Charles J. Grieg, P.Geo., a Shamrock director.
According to Shamrock, "The property borders the eastern, western and, perhaps most importantly, the northern part of ML Gold’s exciting new Stars porphyry copper-gold-silver-moly discovery. The Stars porphyry discovery represents a possible higher-grade porphyry discovery in an area of excellent access and infrastructure."
Bordering the east side of the Coast Mountains, the company's Buckley and Stellar properties lie along the northwestern margin of the Nechako Plateau in west-central British Columbia. The most recently acquired tenures bring Shamrock's landholdings in the northwestern Nechako area to 17,715.08 hectares.
The terms and conditions of the acquisition are:
- $20,000 cash payment, subject to the company raising a minimum $200,000 non flow-through funds,
- Delivery of 1.5 million shares of Shamrock,
- A 2.0% Net Smelter Return ("NSR") on the property. Shamrock has retained the right to purchase 1.0% of the NSR for a purchase price of $1.0 million.
The newly acquired tenures include a trending group of regional aeromagnetic highs, and one coincident with the Stars discovery and its intrusive host rocks. More detailed airborne magnetic surveys, as well as stream sediment and soil geochemical surveys, are being planned for the newly acquired ground.
Disclosure:
1) Jake Richardson compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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