Arctic Hunter Energy (TSXV: AHU) this afternoon announced that it has closed on the acquisition of the Trans Canada / Dinorwic Gold property. The property, located near Dryden, Ontario, is comprised of a district-scale 14,880 contiguous hectares of land that is said to have the potential for the discovery of high grade gold.
The property is said to be geologically similar to that of the Red Lake greenstone belt, with CEO Tim Coupland commenting, “The Trans Canada Gold property is highly prospective, and more importantly contains all of the key elements that will lead the team to finding and eventually lead to the discovery of high-grade gold in settings that are geologically similar to the Red Lake greenstone belt. We believe having historical past gold producers to the north of our property, that the regional system situated on our property has the potential to be well endowed with sizeable gold mineralization, similar to that of the Red Lake mining camp and district.”
The Trans Canada Gold property is located on the Wabigoon Greenstone belt, a belt that contains both the Thunder Lake Gold Deposit and the Goldlund Gold Deposit. The property can easily be accessed via all-weather roads from the Trans Canada Highway, with infrastructure such as rail and power being nearby.
A number of shear zones are said to be present on the property that contain quartz carbonate veins, with a number of gold exploration targets already having been identified. These targets are based on regional alteration, gold showings, shear zones, and other identifying factors that point towards potential gold mineralization.
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Exploration activities are expected to receive final permitting for 2020-2021.
The property itself was acquired via a $60,000 cash payment as well as the issuance of 4.0 million common shares of the issuer at a price of $0.16 per share. The company has retained a 100% interest in the property, with the property being subject to a 2% net smelter royalty.
Arctic Hunter Energy last traded at $0.165 on the TSX Venture.
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