https://www.miningweekly.com

Transition Metals options BC-based Homathko gold project to Shamrock Enterprises

7th July 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Project generator Transition Metals has optioned its Homathko project, in British Columbia, to junior mining company Shamrock Enterprises.

According to information provided by Transition, the property hosts high-grade gold occurrences and consists of staked claims covering 2 986 ha, which are held by Transition.

Under the terms of the option agreement, Shamrock can earn a 100% interest in the claims by providing Transition with C$5 000 cash and C$100 000 worth of Shamrock stock, as well as completing C$500 000 of exploration expenditures within three years. 

If Shamrock earns its interest, Transition will retain a 2% net smelter return royalty (NSR), of which Shamrock can buy half (1% NSR) for C$1-million before starting commercial production.

“We have always been encouraged by the potential for a high-grade gold deposit on the Homathko property. Our work to date has identified an extensive gold mineralised alteration zone that remains to be tested with drilling,” Transition president and CEO Scott McLean said in a press statement released Thursday.

Falconbridge first identified mineralisation on the property in 1966, located about 200 km from Williams Lake. Falconbridge reported grab and trench sampling returning up to 384 g/t gold values.

Work completed by Transition has identified a larger, high-grade lode gold system traced along 1.5 km of strike length. The mineralisation is hosted within quartz/carbonate veining developed within and near the margins of a shear bounded, altered quartz-feldspar porphyry sill.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Projects

Image of lithium ore
Bougouni lithium project, Mali – update
Updated 2 hours 42 minutes ago By: Sheila Barradas

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.096 0.132s - 90pq - 2rq
Subscribe Now