Dolly Varden Silver (TSXV: DV) for the second time this week has expanded their claims within the golden triangle of British Columbia. The company this morning indicated they will be acquiring the Porter Project, which is found just outside of Stewart, from Strikepoint Gold (TSXV: SKP).
The acquisition consists of 15 contiguous claims and 46 crown grants, which covers an area of 3,192 hectares. Found 35 kilometres to the northwest of the silver deposits on the Kitsault Valley project, Porter is contains two historic mines.
Historic mines on the property include the Prosperty-Porter Idaho Mine, which produced 27,123 of direct shipping ore with recovered grades of 2,542 g/t silver and 1 g/t gold from 1929 to 1931. Mineralization here is hosted in six dipping parallel shear zones with strike lengths of up to 600 metres, down-dip extents of up to 500 metres, and widths in the range of 2 to 13 metres. The other mine found on site is the Silverado Mine, which is found just 2,350 metres away across untested strike potential.
The Porter project is said to have a historic mineral resource of 11 million ounces of silver at 868 g/t in the indicated category, and a further 1.7 million ounces of silver at 595 g/t within the inferred category.
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“Dolly Varden is acquiring a 100% interest the highest grade, pure silver historic producer in northwest BC. The Porter Project has seen historic silver production that produced significant direct-shipping silver ore and hosts substantial known silver mineralization that is wide open for expansion. This Project is an accretive addition to our growing mineral tenure position in the southern Golden Triangle,” commented Shawn Khunkhun, CEO of Dolly Varden Silver.
The project was acquired in exchanged for 295,699 common shares of Dolly Varden, valued at $1.1 million.
The purchase from Strikepoint Gold follows Dolly Varden earlier this week revealing that it will be acquiring Hecla Mining’s (NYSE: HL) Kinskuch property, which is adjacent to the Kitsault Valley project. The purchase is expected to increase the size of the Kitsault Valley project to 77,000 hectares, with the project covering some of the most underexplored and prospective ground within the Golden Triangle.
That acquisition was done at a price of $5.0 million, which is to be satisfied through the issuance of 1.4 million common shares, alongside the issuance of a 2% NSR royalty on the Kinskuch property area which has a 50% buyback right,
Dolly Varden Silver last traded at $3.72 on the TSX Venture.
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