Vancouver-based Camnor Resources (CMB-V) has signed a letter of intent to acquire polymetallic mineral properties in Alaska’s Bonnifield district from Golden Phoenix Minerals (GPXM-Q).
The deal commits Camnor to spend US$1 million on exploration and to pay US$200,000 and issue 450,000 shares to Golden Phoenix over five years to earn a 51% interest in seven exploration properties situated roughly 55 miles south of Fairbanks.
Camnor can earn an additional 19% interest in one or more of the properties by committing to spend US$1.5 million and paying US$1 million for each property. The company can gain the final 30% interest for a further US$1 million and 1 million shares per property. Golden Phoenix retains a 3% net smelter return royalty on each property, though Camnor can purchase 1% for US$1 million.
The seven properties, covering a total of 20,000 acres, consist of six volcanogenic massive sulphide targets and one gold target. The most advanced project is the Cirque massive sulphide project, which is hosted in metavolcanic rocks. Geophysical surveys outlined an electromagnetic conductor that coincides with a known sulphide horizon.
The gold property, Glory Creek, hosts mesothermal gold mineralization associated with a granodiorite stock intruding Precambrian schists, and is also considered to have massive sulphide potential. Previous exploration outlined a 9,000-ft.-long geochemically anomalous gold zone featuring arsenopyrite and gold-bearing quartz veins running as high as 2 oz. gold per ton.
Camnor controls another 12,180 acres in three properties situated elsewhere in the Bonnifield district. Golden Phoenix holds another 10 claim blocks in the area.
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