Vancouver, BC (FSCwire) - Sunvest Minerals Corp. (TSX-V: SSS) ("Sunvest Minerals" or the “Company”) is pleased to announce the acquisition of a strategic mineral property located in the heart of the Hemlo Gold camp. The “McKinnon Hemlo West Property“ (“Hemlo West” or the “Property”), comprises 5 claim blocks covering a total of 24 claim units (384 hectares). The northern portion of the Property is surrounded on the west, east and north by Barrick Gold, on strike and approximately six kilometers west of Barrick Gold Corporation's current open pit operation.
Company CEO, Mike England states; “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 readily accessible, traversed by the Trans-Canada Highway, the railroad and a powerline. The northern portion of the Property is cut by the Hemlo Shear Zone (“HMZ”), the major east-west trending structural feature associated with the gold mineralization. The HMZ is a structural component in all three Hemlo gold mines that have produced over 22 million ounces 1985. The northern portion of the Property is on strike ~ 6 kilometers west of Barrick Gold's current open pit operation.
On the Property the HMZ is defined by anomalous gold values in soil of up to 420 parts per billion (ppb) gold. Also, an outcropping exposure of sheared, altered and pyritic mafic-intermediate metavolcanic and Quartz Feldspar Porphyry (QFP) contact zone assayed 1.68 g/t Au and 1.47 g/t Au in areas 17 meters apart (Goldfields Powerline Occurrence). Assessment records indicate six (6) diamond drill holes have been completed on the northern portion of the Property. Assay results reported two gold intersections greater than 1.0 g/t Au in diamond drill core. An additional 17 overburden drill holes have been conducted on the western portion of the property.
The Hemlo Camp has been heating up over the past year with numerous gold explorers staking and acquiring ground in the proximity of the Barrick Gold's mining operation. A large exploration program by Barrick has extended the mine life once again proving that undiscovered ounces still exist within this historic mining camp.
The acquired Property fits into Barrick's "Go West" theme as outlined in their February 2017 Operations and Technical Update (link here). The company refers the reader to two slides and pages of interest in the following links: (link here, slides 20 and 33; pdf report pages 23 and 36).
The Company is compiling the assessment reports from the Property and plan a site visit followed by a surface exploration program when weather permits. The exploration program will be comprised of prospecting, geological mapping and sampling followed by a drill program.
Cumulative terms to acquire a 100% interest in the property call for the Company to make cash payments of $150,000 and issue 1,333,329 shares over a 3 year period. A 2% NSR will be granted to the vendor with 1% purchasable by the Company for $1 million.
Garry Clark, P. Geo, is the independent qualified person responsible for the Company’s Hemlo West Property and has reviewed and approved the technical contents of this press release as they pertain to the Property.
