Taku Gold Acquires Strategic Yukon Properties from Golden Predator Mining, White Gold District
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 20, 2017) - Taku Gold Corp. (CSE:TAK)(CSE:TAK.CN)(CNSX:TAK) ("Taku" or the "Company") is pleased to announce that it has entered into a Mineral Purchase and Option Assignment Agreement (the "Agreement"), with Golden Predator Mining Corp. ("GPY") and GPY's wholly owned subsidiary, Golden Predator Exploration Ltd. ("GPEX") whereby Taku will acquire GPY's 100% interests in the Chopin Project, the Korat Project and the Lucky Joe Project, GPEX's 100% interest in the 40 Mile AOI Claims, and Taku will be assigned GPY's option to acquire the 40 Mile claims (collectively the "Properties").
Taku will issue to GPY 3,500,000 shares in the capital of the Company as consideration for the transaction. The securities issued to GPY pursuant to the Agreement will be subject to a statutory four month hold period. GPY will retain Net Smelter Returns royalties on smeltable materials consisting of 1.0% on the Chopin claims, 1.0% on the Korat claims, 1.5% on the Lucky Joe claims and 0.5% on the 40 Mile claims (including the 40 Mile AOI Claims).
The Properties are all located in the White Gold district in Western Yukon. This new gold camp has shown a rapid evolution from the initial Golden Saddle discovery in 2009 to the $520 million, all-share acquisition of Kaminak Gold Corp. in May 2016 by Goldcorp Inc. Kaminak's key asset was the Coffee Gold deposit located at the south end of the White Gold district approximately 130 kilometres south of Dawson City. The Coffee Gold deposit currently has total gold mineral resources (Goldcorp press release - May 12, 2016) of 3.0 million ounces indicated (63.7 million tonnes ("Mt") at 1.45 gram per tonne gold ("g/t Au")), and 2.2 million ounces inferred (52.4 Mt at 1.31g/t Au).
Agnico-Eagle Mines Ltd. ("Agnico") entered the district in 2016 with a $14.52 million equity investment in White Gold Corp. (White Gold press release - December 13, 2016). White Gold initially acquired 21 properties covering a large portion of the White Gold district from Shawn Ryan - the prospector credited with both the Golden Saddle and Coffee discoveries (White Gold press release - December 22, 2016). White Gold subsequently acquired all of the properties in the district held by Kinross Gold Corp. ("Kinross") for $10 million cash, 17.5 million White Gold shares, and up to $15 million in deferred payments specifically related to the advancement of the White Gold's properties (White Gold press release - June 14, 2017). As part of that transaction, Agnico invested an additional $8.76 million in White Gold to maintain its pro rata interest in the company. At the close of the transaction, Agnico and Kinross each owned approximately 19.9% of the issued and outstanding common shares of White Gold.
Prior to the GPY property purchase, Taku held a portfolio of five properties covering 1,449 claims (29,813 hectares) in the White Gold district. These properties were acquired by Taku in 2010 and have seen integrated exploration work including airborne geophysical surveys, reconnaissance and detailed soil geochemical surveys, focused geophysical surveys, and limited trenching and drilling. Taku holds an enviable database and strong local expertise in the White Gold camp. The GPY Properties add four new properties covering 658 claims (13,034-hectares) increasing Taku's portfolio to nine properties covering 2,107 claims covering (42,847 hectares).
The Chopin Project consists of 36 quartz mining claims located approximately 90 kilometres northwest of Carmacks in the Dawson Range of central Yukon. The Korat Project consists of nine quartz mining claims surrounded by Comstock Metals' QV property. The claims are located approximately 8 kilometres north of Comstock's VG deposit and 20 kilometres north of White Gold Corp's Golden Saddle Deposit. The Lucky Joe Project consists of 548 quartz mining claims located 50 kilometers south of Dawson. The Forty Mile Project consists of 65 quartz mining claims and is road accessible via the Top of the World Highway 80 kilometers northwest of Dawson City.
The highlight of the Agreement is the Lucky Joe property that bounds Taku's Rosebute property to the north. The combined Lucky Joe-Rosebute property is located in the heart of the White Gold area, approximately 50 kilometres south of Dawson City and roughly 29 kilometres north of White Gold Corp's Golden Saddle Deposit. It is situated in close proximity to the Northern Access Road currently being built by Goldcorp to access the multi-million-ounce Coffee gold deposit. A seasonal road provides direct access to the eastern edge of the combined property.
Rosebute property contains two extensive gold-in-soil zones known as the Norwest and Hudbay zones. The Norwest Zone is located on the northern portion of Rosebute and is defined by three individual gold- in-soil anomalies that together form a circular anomaly with a diameter of approximately two kilometres. The Hudbay Zone is located three kilometres southwest of the Norwest Zone and consists of at least three, north trending gold-in-soil anomalies which each measure 1.0 to 1.6 kilometres in length and vary from 150 to 350 metres in width. Historically, Lucky Joe has been explored for its copper potential and has seen only limited gold exploration work. Significant drilling by White Gold in 2017 will focus on the east- trending Lira target which is located directly on the western boundary of the Lucky Joe property (White Gold press release - June 5, 2017).
Taku intends to commence work immediately in the White Gold district with a soil geochemical sampling program on the combined Lucky Joe-Rosebute property. Particular focus will be given to detailed grid sampling on the western boundary of Lucky Joe to locate the possible eastward extension of the Lira target described above. Detailed grid sampling will also be done south and west of the presently defined Hudbay zone. Reconnaissance ridge and spur soil sampling will also be done in the western third of the Rosebute property and over the Lucky Joe property. To date these areas have not seen any soil geochemical sampling work.
Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
About Taku Gold Corp.
Taku Gold Corp. is a mineral resource company focused on the exploration and development of precious metal properties in Canada with an emphasis on the White Gold district of Yukon and the Tagish Lake region of Northern British Columbia.