Sunvest Minerals has acquired a strategic mineral property in the Hemlo gold property in Canada.
The acquired McKinnon Hemlo West Property consists of five claim blocks covering a total claim of 24 units of 384ha.
The northern part of the McKinnon Hemlo West Property is surrounded on the west, east and north by Barrick Gold, on strike and around 6km west of Barrick Gold Corporation's current open-pit operation.
Sunvest Minerals CEO Mike England said: “We are excited to have acquired this strategic property in the heart of one if the most prolific gold camps in Canada.
“This new property fits well with the company’s keystone, McKinnon-Hawkins Gold Project in Ontario, where drilling is ongoing. We look forward to reporting progress and discoveries made on both projects throughout the year.”
The Hemlo West property is accessible through the Trans-Canada Highway and railroad.
The northern part of Hemlo West is cut by the Hemlo Shear Zone (HMZ), the major east-west trending structural feature associated with gold mineralisation.
HMZ is a structural component in all three Hemlo gold mines that have produced more than 22 million ounces since 1985.
On the acquired property, HMZ is characterised by anomalous gold values in soil of up to 420 parts per billion (ppb) gold.
An outcropping exposure of sheared, altered and pyritic mafic-intermediate metavolcanic and Quartz Feldspar Porphyry (QFP) contact zone assayed 1.68g/t Au and 1.47g/t Au in areas 17m apart.
Assessment records reveal that six diamond drill holes were completed on the northern part of the property.
Assay results reported two gold intersections greater than 1g/t Au in diamond drill core.
An additional 17 overburden drill holes have been conducted on the western portion of the property.
Under the acquisition transaction, Sunvest Minerals had to pay $150,000 and issue 1.3 million shares over a three-year period as consideration.
A 2% NSR will be granted to the vendor with 1% purchasable by the company for $1m. Currently, Sunvest Minerals is compiling the assessment reports of the property and intends to conduct a site visit, which will be followed by a surface exploration programme.
The exploration programme will include prospecting, geological mapping, sampling followed by a drilling campaign.