On July 31, 2017, the Company entered into a mineral claim purchase agreement with Detour Gold Corporation (“Detour”) to purchase a 100% interest in 37 mineral claims covering 7,104 hectares on the southern edge of the Golden Triangle. The claims are subject to a 2% net smelter returns royalty. Under the terms of the agreement, the Company issued 2,700,000 common shares to Detour in consideration for the claims. The Company staked 3 additional claims at a cost of $7,326.
The mineral claim purchase agreement was accepted for filing by the TSX Venture Exchange on August 10, 2017. The Company issued Detour 2,700,000 common shares with a fair value of $418,500 on August 14, 2017. The shares are subject to resale restrictions as follows:
On February 28, 2018, the Company released the results of the 2017 sampling program. Exploration on the Treasure Mountain property is limited by two major factors. The property is covered by lush vegetation and feature few outcrops. The outcrops are strongly leached of copper, which makes coper mineralization very difficult to detect by prospecting or soil sampling. Outcrops are often so strongly leached that there is no sign of high-grade copper mineralization on the surface, which can only be found after removing the first 10 to 15 centimetres of barren rock.
Highlights of 2017 sampling include:
- 7 grams per tonne gold, 1.14 per cent copper and 35.8 grams per tonne silver from a new showing that is partially exposed shear in an overburden covered area;
- 98 grams per tonne gold and 1.51 per cent copper from a grab sample from an old trench;
- A weighted average of 3.37 per cent copper and 30.68 grams per tonne silver from nine chip samples
The Treasure Mountain property has a great potential to host copper-silver and/or copper-gold deposits. It features numerous copper showing as well as newly located copper-gold showings, of which only part have been examined recently. An induced polarization geophysical survey is recommended for the next phase of exploration.