Stewart, BC – Decade Resources Ltd (“Decade” or the Company) announces that it has entered into an option agreement with Teuton Resource Corp. on the Del Norte property. The property located 34 kilometres east of Stewart, BC is comprised of 5,830.16 ha in 13 separate claims. To date, the property has had over $6,000,000.00 in exploration expenditures. It is located along a major structural break between volcanics to the west and sediments to the east.
Decade has the right to earn up to a 55 % interest under the following terms:
- Payment of $400,000 over 4 years with an initial payment of $20,000.00.
- Issuing 800,000 shares of Decade on signing.
- Issuing $180,000.00 of Decade stock over a 4 year period.
- Expenditures of $4,000,000.00 over 5 years.
Decade has the right to earn an additional 20 % by placing the property into production.
There is a underlying 2 % NSR on the property.
The option agreement is subject to TSX Venture approval.
Highlights of the property include:
- Mineralization has been discovered over a minimum strike length of at least 4 km on the structural break within the property.
- Mineralization is hosted in quartz veins and breccias as well as coarse crystalline base metals in shear zones
- A chip sample across a discovery zone in 2002 returned 6.07 g/t gold and 623.7 g/t silver across a width of 10.0 metres.
- Three holes drilled from a single station located 12 m south of the chip sample intersected true widths of mineralization varying from 8.5 to 10 metres and carrying gold values ranging from 3.53 to 7.56 g/t gold and silver values ranging from 176.95 to 274.24 g/t.
- Several hundred metres north of the above, drilling on the same or sub-parallel structure returned 6.47 g/t gold and 346.02 g/t silver over 15.54 m
- Other holes in this area intersected 8.6 m of 3.02 g/t gold and 270.5 g/t silver over 8.74 m
- A drill hole several hundred metres south of the initial trench discovery in 2002 intersected 1208 g/t silver and 26.54 g/t gold over 4.05 m on the same or sub-parallel structure.
- Surface grab sampling in a trench for the above mentioned drill hole assayed up to 3910 g/t silver and 19.5 g/t gold.
- Float rocks in the projected area of the northern extension of the zone ( 1000 m north of the initial 2002 discovery) returned assays of 186.2 g/t gold and 40.9 g/t gold
The above assays are historical and have not been confirmed by the Company and are used for reference purposes. The Company believes that the results are an indication of the mineralization present in the property area.
In addition to the above mentioned mineralized structural break, the property hosts the following:
- Three gold bearing streams crossing the property that were mined for the placer gold in the early 1900’s.
- Demonstrated porphyry copper-gold mineralization at depth in the Del Norte valley.
- Potential VMS mineralization as demonstrated in 2019 drilling by Teuton.
The Company is also divesting of non-core properties that it has in the Stewart area of BC.