International Samuel Exploration Corp. has acquired the Mickey Davis gold and copper property, a district-scale exploration project located in British Columbia’s Golden Triangle.
Positions International Samuel Exploration Corp. as a leading Golden Triangle exploration junior.
Transaction delivers a transformational four-fold increase in the company’s Golden Triangle land position, from 4,558 hectares to 24,089 ha.
Project shares more than 35 kilometres of contiguous claim boundaries with the Ball project, in which global mining company Antofagasta has signed a $31-million (U.S.) earn-in option through Evrim Resources Corp.
Significant exploration potential in a volcanics setting.
Gold, silver and copper mineralization previously identified on project.
Project is contiguous to company’s recently announced Lucifer gold project and less than 750 metres from the Hart gold project being advanced by Golden Ridge Resources Ltd.
Over the past decade, more gold has been found in the Golden Triangle than any other mining camp worldwide.
“Having been part of Richfield Ventures’ Blackwater discovery which was acquired by New Gold in 2011 for $550-million, we are once again tremendously excited by the early prospects of another emerging exploration camp within British Columbia. The Mickey Davis project positions International Samuel Exploration Corp. as an upcoming exploration leader in the world-class Golden Triangle district. Combined with our recent acquisition of the Lucifer gold project, we believe that the company is well positioned among the contenders for the next large gold discovery in the region,” stated Conrad Swanson, chairman of International Samuel.
About the Mickey Davis project
The Mickey Davis project consists of 22 mineral claims structured into two tenure blocks. The district-scale project comprises a total of 19,531.05 hectares (approximately 48,242 acres). Along with immediate and contiguous proximity to a number of mineral showings being explored by neighbouring companies, gold, silver and copper mineralization has also been historically identified on the project in the early 1990s (Stow Resources Ltd., MINFILE No. 104G 200). In addition to an extensive claim border with the Ball project being advanced by Antofagasta and Evrim Resources Ltd. under a $31-million (U.S.) earn-in, the Mickey Davis project is also contiguous with the company’s newly acquired Lucifer gold project. The Mickey Davis project also has close proximity to a number of other exploration projects, including that of Golden Ridge Resources Ltd. and its earn-in on Barrick Gold’s Hank project. The target environment at the Mickey Davis project is a volcanics setting (Stuhini Group and Hazelton Group volcanics) known to host mineralization elsewhere in the immediate area, as well as prospective contact points with the Jurassic unconformity.
Immediate exploration plans
As previously noted, the Mickey Davis project is located less than 750 metres from the Hank gold project, which is currently being drilled by Golden Ridge Resources Ltd. under an option from Barrick Gold. Consequently, the company has been in discussions with service companies presently working on the Hank gold project for Golden Ridge Resources Ltd. with an objective to commence field and geophysical exploration on the Mickey Davis and Lucifer gold projects this fall.
The company further intends to commence drilling within its significant land position in the Golden Triangle in 2018.
Terms of the transaction
The company is acquiring 100 per cent of the Mickey Davis project from arm’s-length parties in exchange for a cash payment of $100,000, the issuance of 12 million common shares and the granting of a 2-per-cent net smelter return.