Xander Resources (TSXV: XND) this morning announced the acquisition of the Senneville West Property, which is contiguous to the firms recently announced acquisition of the Senneville Group of Claims South property. The property consists of 80 claims that extended from the Eastern boundary of Highway 397 to the northwest for 10 kilometres.
The property is underlaid by the Abitibi Greenstone Belt, which is renowned gold occurences and mines. At the western end of the property, the Archean greenstones that underlie the Senneville Group of Claims are cut off by the La Corne Batholith. At the southern extremity of the property, the Garden Island sediments are present, which are predominantly sandstone, siltstone and mudstone.
The greater part of the property however overlies the Lanaudiere Formation which is comprised of mafic flows and volcanoclastic, with units trending to the west-northwest and dipping steeply to the north.
In terms of exploration, only 20% of the property had been investigated up until mid-2009. In the years previous, a portion of the property was the focus of a number of airborne and ground geophysical surveys, limited trenching and mapping programs, with the main target being that of massive sulphides.
Xander has identified that rather than massive sulphides, the company will largely be focused on finding gold on the property, with ongoing discovery of platinum group metals on the Fiedmont property to the north of the property increasing the potential of the property for platinum group metals (PGMs) and gold.
Xander has the option to purchase a 100% interest in the mineral claims, in exchange for a 2% net smelter royalty and the following payment schedule:
- 510,000 common shares (the “Shares“) of the Company on or before the closing date (the “Closing Date“), anticipated to be June 15, 2020;
- $9,600 payable on or before the Closing Date;
- $8,000 payable within 90 days of the Closing Date;
- 660,000 Shares to be issued on the date that is 1.5 years from the Closing Date;
- $24,000 payable on or before the date that is 1.5 years from the Closing Date;
- 340,000 Shares to be issued on or before the date that is 2.5 years from the Closing Date; and
- $48,000 payable on or before the date that is 2.5 years after the Closing Date.
Xander Resources last traded at $0.20 on the TSX Venture.
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