Vancouver —
In exchange for the interest, War Eagle must issue 150,000 shares and spend $400,000 on exploration over three years.
The Pike claims cover a large Proterozoic-aged, breccia system that hosts iron oxide, copper, gold and uranium mineralization. The age, alteration and metal signature of the property are said to be suggestive of the Olympic Dam deposit in Australia.
There are two main targets near the base of a talus slope. Grab samples from these have yielded assays ranging from less than 1 oz. gold per ton to 2,078.6 oz. gold per ton (71,266 grams gold per tonne) as well as 4.66% uranium.
The samples were taken from mineralized float trains measuring 5-20 metres wide and about 100 metres long. The two float trains were found to be 65 metres apart.
About 200 metres up-hill from where the samples were taken is a well-developed soil anomaly associated with hematitic breccia. The anomaly measures 960 by 300 metres and has values ranging from 25 to 950 parts per billion gold. In addition, the gold anomaly roughly coincides with a copper anomaly that measures 700 by 300 metres and hosts 200-7,800 parts per million copper.
War Eagle’s exploration plans call for sampling of high-grade gold zones, prospecting and mapping, as well as a re-evaluation of soil geochemical and geophysical data to identify potential high-grade and bulk-tonnage drill targets.
Archer, Cathro & Associates, who performed past work on the property, will operate the project during the earn-in period.
In other news, War Eagle has arranged a non-brokered private placement of 1.1 million units priced at $0.14 each. A unit consists of one flow-through share and half a non-transferable share purchase warrant. Each whole share purchase warrant grants the owner the right to buy one additional share over two years at a price of 28 per share.
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