Canadian miner Goldplay Mining has entered an option agreement to acquire a 100% stake in two properties, namely Big Frank and Nuit Mountain in British Columbia (BC), Canada, from Cazador Resources.
Situated in the western Chilcotin District of south-western BC, the two projects hold district-scale potential for both high-grade epithermal gold and copper-gold porphyry deposits.
The deal will see Goldplay incurring expenditures of $25,000 and $50,000 on the Nuit and Big Frank properties, respectively, on or before 31 December 2021. This allows for preparing NI 43-101 technical reports on these projects.
The miner can opt to acquire either Big Frank or Nuit, or both properties ‘concurrently or successively’.
Cazador Resources will hold a 2% net smelter return (NSR) on each property, half buyable for $5m on each of the properties.
Goldplay Mining president and CEO Catalin Kilofliski said: “Through this transaction, Goldplay has a unique opportunity to capitalise on the earlier work completed on the Properties and the potential to develop and control district-scale projects and become a significant gold and copper-gold explorer in BC.”
The firm is preparing to commence the initial work programme at the properties on 1 September.
Goldplay said that the two relatively underexplored properties with favourable geology trending over 8km-20km and show widespread alteration, high-grade gold and copper-gold mineralisation.
No systematic or modern exploration has been done within the last few decades, the firm noted.
However, glacial retreat continues to make new exposures at the Big Frank property, added the firm.
Goldplay noted that the previous exploration programmes on the two properties have discovered significant copper and gold values, recommending further work at the sites.