Silk Road Energy Acquires Gold Properties In Kirkland Lake Region Of Ontario

Silk Road Energy (TSXV: SLK) has closed on its previously announced purchase of multiple gold property in Ontario. The closing follows the approval from shareholders that was granted at a meeting earlier this week.

The acquisition has seen the company acquire the Amikougami and Otto gold properties, both of which are found in the Kirkland Lake region of Ontario. The former consists of thirteen claims covering 144 hectares, while the latter consists of three claims covering just under 49 hectares.

Amikougami is found four kilometres from the Macassa Mine, operated by Agnico Eagle, while being six kilometres north of the Kirkland Lake 04-Main Break. A majority of the deposits within the region are said to lay adjacent to this break, making the property prospective for gold. The Kirkland Larder Lake Deformation Zone is believe to extend onto the property and is the focus of future exploration.

The Otto property meanwhile is found 2.4 kilometres southwest of where gold was initially discovered in the region in 1906. Located 9.0 kilometres southwest of the Macassa Mine, exploration will look to determine whether the Cadillac-Larder Lake Break, which is known to occur less than a kilometre north of the property, extends onto the Otto property. A regional fault referred to as the South Break may also extend onto the property.

The properties were acquired via the issuance of 9.0 million shares at a price of $0.05 per each, resulting in the company now sitting with 27.6 million shares outstanding. The firm now has a total of three properties in the region.

“Shareholders have voted overwhelmingly in favour of pursuing these opportunities in gold exploration,” commented Michael Judson, a director of Silk Road.

Shareholders at the meeting also voted to approve of the disposition of the firms natural gas properties.

Silk Road Energy last traded at $0.06 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author is currently invested in the company discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Gold Hits New High Of $2,146, Bitcoin And Silver Join The Rally

The price of gold continued its tear this evening, opening the futures market at $2,071,...

Sunday, December 3, 2023, 06:52:40 PM

Karora Resources Hits 13.6 g/t Gold Over 5.3 Metres At Beta Hunt

The laterst drill results from Karora Resources (TSX: KRR) are expected to have significant positive...

Tuesday, August 2, 2022, 08:23:23 AM

Victoria Gold Announces Share Buy-Back Program

Victoria Gold Corp. (TSX: VGCX) this morning announced its plans to start a normal course...

Thursday, May 27, 2021, 09:44:00 AM

Superior Gold Sees Production Improve To 17,603 Ounces In Q1 2021

Superior Gold (TSXV: SGI) this morning released production results for the first quarter of 2021,...

Monday, April 12, 2021, 07:43:58 AM

New Found Gold Assays: NFG?

New Found Gold courts controversy as it does the detective work, and The Deep Dive’s...

Tuesday, November 9, 2021, 03:36:00 PM