Arctic Hunter Acquires Dinorwic Gold Property Near Dryden, Ontario
Arctic Hunter Energy (TSXV: AHU) has entered into an agreement to acquire a 100% interest in the Dinorwic Gold Property, located near Dryden, Ontario. The property is district-scale in size at 14,800 hectares, with it said that it hosts the potential for a high-grade gold discovery.
The property itself is located outside of the town of Dinorwic, Ontario along the Trans-Canada Highway, making it easily accessible by all weather roads. It also has easy access to related power and rail infrastructure, while being in close proximity to larger communities such as Dryden, Ontario. It comprises of 741 non-surveyed contiguous mineral cell claims.
Geologically, the property is on the Wabigoon greenstone belt, which is also said to contain the Tunder Lake gold deposit and the Goldlund gold deposit. There are a number of large shear zones located on site that contain quartz carbonate veins, pyrite and arsenopyrite, which is underlaid by mafic volcanics. A large iron-carbonate alteration is also on the property, similar in nature to the Red Lake mining camp, a prime target for gold exploration.
Exploration activities for the property are expected to be fully permitted for the current year, with a 43-101 technical outlining further details on the property expected to be filed in the near term. A number of targets for exploration have been identified on the property, which is based on known gold showings, shear zones, regional alterations and more.
“Both Tim Twomey and I have reviewed multiple mineral belts across the Canadian Shield and have identified what we feel is an exemplary new gold project that is highly prospective, and contains all the key elements to finding high-grade gold in settings that are identical to the Red Lake greenstone belt. We are recommending using the same exploration and modelling techniques that have been successful for many gold companies operating in the Red Lake district. […] We believe that, with the acquisition of the Dinorwic district-scale gold property and gold project, we are in the ideal geological setting for the hosting of high-grade gold, having the Treasury Metals Goliath and Goldlund projects situated to the north of us, and Kinross active to the west, and several historical past producers to the west and south gives us confidence that the regional system has the potential to be well endowed with gold mineralization.“Michael Dehn, Formerly of Goldcorp.
Arctic Hunter has acquired a 100% interest in the property via a cash payment of $60,000, along with the issuance of 4.0 million shares of the company. The property is subject to a 2% net smelter royalty.
Arctic Hunter Energy last traded at $0.16 on the TSX Venture.
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