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Be the first with the news that moves the market- SKRR Exploration (TSXV:SKRR) has revealed its plans for a summer exploration program at the Leland Gold Project in northern Saskatchewan
- Under an option agreement with Taiga Gold, the company may earn-in up to a 75 per cent interest in the property
- The program will include detailed prospecting and mapping, infill soil geochemical sampling and channel sampling of trenches
- Taiga completed a program last year, yielding mineralisation of 5.4 grams per tonne of gold over 0.65 metres from the Irving trench
- SKRR Exploration (SKRR) is currently steady at C$0.31 per share
SKRR Exploration (TSXV:SKRR) has revealed its plans for a summer exploration program at the Leland Gold Project in northern Saskatchewan.
Under an agreement with Taiga Gold, which was signed in late-May, SKRR may acquire an initial 51 per cent interest in the property for a total of C$1.5 million in exploration expenses, $500,000 in cash and one million common shares.
Once this initial phase has been completed, SKRR may acquire a further 24 per cent stake, for a total of 75 per cent, by spending an additional $1.5 million on exploration efforts and issuing 500,000 common shares to Taiga by December 31, 2023.
According to a three-phase geological and geophysical program undertaken by Taiga last year, gold mineralisation at the Leland property returned up to 5.4 grams per tonne of gold over 0.65 metres. This was identified within 2.1 grams per tonne over 3.22 metres from the Irving trench, which sits along the Simon-Irving Trend.
The property’s mineralisation, host rocks and structural framework shows the same characteristics with SSR Mining’s Seabee Gold Operation 20 kilometres to the north. This prospective geology is thought to be substantially under-explored for 30 kilometres of strike length within the current Leland property boundaries.
For its proposed summer field program, SKRR plans to carry out details prospecting and mapping activities, as well as infill soil geochemical sampling and channel sampling of trenches. The company will also undertake ground truthing of anomalies that were identified through a drone survey last year.
Ross McElroy, Chairman and Chief Geologist at SKRR Exploration, said the Leland property represents a strategically important part of the company’s wider Irving Lake project.
“With the inclusion of Leland, SKRR now has amassed a coveted and dominant land position covering more than 23,500 hectares with numerous highly prospective targets and trends.
“Irving Lake has many of the key geological ingredients required for hosting large high-grade gold deposits such as Seabee and Santoy: favourable geology, large scale structural shear zones, localised flexures and faults and numerous mineralised showings,” he said.
SKRR Exploration (SKRR) is currently steady at 31 cents per share at 11:33am EDT.
