Golden Reed Mine Property
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GOLDEN REED MINE PROPERTY, ONTARIO
In October 2017, the Company entered into an option agreement to acquire a 100% interest in the 4 claim unit Golden Reed Mine Property (the “Property” or “Golden Reed”) located in the McMurray Township approximately six kilometres southeast of Wawa, Ontario. The Company exercised the option in January 2018 by paying aggregate consideration of $3,000 and issuing 2,000,000 common shares of the Company. The Property is subject to a 2% net smelter royalty, of which 1% can be bought back at any time for $1,000,000.
Golden Reed consists of a single 4-unit mining claim staked within Red Pine Exploration Inc.’s (“Red Pine”) Wawa Gold Project. The Property is situated about 3,600 metres east-southeast of Red Pine’s Surluga Gold Deposit (1.088M oz at 1.71 g/t gold (0.5 g/t gold cut-off) 43-101 inferred resource (source: Red Pine Press Release, June 11, 2015). Gold mineralization present on Red Pine’s adjacent Wawa Gold Project is not necessarily indicative of mineralization on the Company’s Golden Reed Mine Property.
The historical Golden Reed Mine located on the Property operated from 1907 to 1908 and includes two shafts (14 metres and 7 metres) and an adit (7 metres) developed on gold-bearing quartz veins. A steam-powered mill erected on site produced six ounces of gold from three tons of rock according to historical accounts.
In 1986, Caviar Resources Ltd. mapped a northwest trending gold-bearing quartz vein system for 244 metres in felsic intrusive rocks adjacent to a mafic to ultramafic intrusive complex. Eight historical trenches and pits were located in addition to historical workings of the historical Golden Reed Mine. The gold-bearing quartz vein explored reached 1.37 metres width, and returned three grab samples that averaged 0.22 ounces per ton gold (source: Ontario MNDM Assessment Files).
The Company’s landholdings in the Wawa area now include four properties: Norwalk, Dill River, Golden Reed and South Wawa, with a combined area of 1,376 hectares.
The Company is actively exploring for gold in the Wawa area, and intends to relocate and sample historical workings on the Golden Reed Mine Property to confirm historical gold assays.