Skynner Lake Gold Property
Adroit has signed an arm’s length of agreement to acquire 100% of the Skynner Lake Gold Property located on the Destor-Porcupine fault in Deloro Township, Timmins, Ontario. The property is located along the western part of the mine trend. It sits directly between two former prolific gold mines, approximately 800 meters west of the former producing Delnite Gold Mine, which has past production of 937,000 ounces of gold and only 500m east of the Naybob Mine which produced 50,731 ounces of gold, with an average grade of 5.3g/t. Goldcorp is conducting JV exploration work in and around the area.
This well-known mineralized corridor hosts several former gold producers including the:
- Dome Mine – 17.1 M oz Au
- Preston Mine – 1.5 M oz Au
- Paymaster Mine – 1.2 M oz Au
- Buffalo-Ankerite Mine – 0.93 M oz Au
- Aunor Mine – 2.5 M oz Au
- Delnite Mine – 0.93 M oz Au
- Naybob Mine – 0.05 M oz Au
Historical production from the Timmins Camp since about 1910 is in excess of 68,000,000 ounces of gold.
The Skynner Lake Gold Property consists of eight contiguous mining patents (approximately 130 Ha) within the heart of the main mineralized trend of the Timmins mining centre. Adroit intends to carry out a modern exploration program using state-of-the-art geophysics and geochemical techniques to evaluate the project for new zones of mineralization at depth and along strike of known deposits.
The consideration for the acquisition is 800,000 common shares of the company with a four-month hold period on 400,000 shares and a twelve-month hold period on 400,000 shares, both periods commencing on TSX Exchange approval for the transaction and a cash payment of C$40,000. The owner of the property retains a 2% NSRR and rights to certain aggregate and quarry assets on the eastern side of the property. The company has the right to purchase half the NSRR for $1,000,000 at any time and to purchase the surface rights for C$500,000 within six months of completion of a positive bankable feasibility study.