Altius Minerals Corp. (“Altius”) (TSX:ALS) reported that it has completed three new agreements covering eight exploration projects from its project generation portfolio. This brings the total number of exploration projects that it has structured into equity/option and royalty agreements to 22 over the past 11 months. It is anticipated that partner‐funded drilling programs in Canada, the Republic of Ireland and Chile will occur in 2017 and that further details will be provided as partner budgets are finalized.
Newfoundland, Canada – Gold
Antler Gold Inc. (“Antler”) (TSX‐V:ANTL) has optioned six projects covering 41,325 hectares located along the projection of the major structural corridor hosting gold mineralization at Antler’s Wilding Lake Project (acquired from Altius in September 2016) and Marathon Gold’s Valentine Lake Project. Antler has recently reported channel sample assay results from the 2016 trenching program at Wilding Lake with highlights including 6.0 g/t Au over 8.5 m, 8.7 g/t Au over 6.7 m, and 49.3 g/t Au over 4.6 m from the Alder‐ Taz zone. In consideration Altius is to receive an additional 980,000 Antler common shares (increasing Altius’s total shareholding in Antler to 5,480,000 shares or 19.9%) while retaining 2% NSR royalties over the new projects. Antler has committed to fund a minimum of $300,000 in exploration expenditures on the additional projects within the first year.
British Columbia, Canada – Gold‐Silver
Canex Metals Inc. (“Canex”) (TSX‐V:CANX) has optioned Altius’s 887 hectare Gibson Gold‐Silver Project in central BC. The Gibson Project features historic channel sampling of quartz breccia veins in altered volcanic rocks that returned values of 12.86 g/t Au and 144.7 g/t Ag over 1.5 meters and 5.35 g/t Au and 2136 g/t Ag over 1.7 meters. A nine‐hole drill program reported from 1991 intersected significant and widespread alteration and mineralization with the best reported intersection of 6.77 g/t Au and 1,828 g/t Ag over 4.3 m. No subsequent drilling or trenching has been reported since and the 1.7 km zone remains open. As consideration, Altius is to receive payments totaling up to 3,545,000 common shares in Canex staged over 18 months (1,125,000 on signing), resulting in a 16.5% equity stake in Canex. A further milestone based share payment of 1,275,000 shares is to be delivered to Altius upon the successful delineation of gold resources on the Gibson project amounting to measured and indicated resources of 1 million ounces gold equivalent. Altius will retain an effective 1.5% NSR royalty and preferential rights on any future royalties or streams granted on the Property as well as a pro rata right to participate in future equity financings of Canex for two years. Canex has committed to fund a minimum of $500,000 in exploration expenditures over the first 18 months.
Republic of Ireland ‐ Copper
First Quantum Minerals Ltd. (“FQM”) has executed a Letter of Intent with an 80% owned Irish subsidiary of Altius (“AEL”) to explore and develop the early stage 110,000 hectare Southwest Cork sediment‐hosted copper project in Ireland. Limited historic drilling, undertaken by previous operators exploring predominantly for barite, reported intersections of up to 6.1 m of 1.7% Cu. Subsequent work by AEL identified widespread mineralization and alteration styles that are suggestive of a previously unrecognized sediment hosted copper mineralizing system. Work is underway along an 85 kilometre long prospective zone to refine targets for follow up. Under the Letter of Intent FQM will make an initial cash payment of US$25,000 and has committed to spend US$250,00 on a reconnaissance work program by August 2017. FQM will have an option until December 2017 to enter an earn‐in/joint venture agreement whereby it may earn up to 75% of the project by conducting US$6,000,000 in exploration work and making staged cash payments of $300,000 over 7 years. FQM will have the additional option to earn up to a 90% interest by reporting a “Decision to Mine” and making a US$500,000 payment to AEL. Altius will directly retain a 2% NSR royalty on the project.by