A little-known private company has signed an exclusive option agreement with Doyon Limited, an Alaskan native corporation, for a 25-property package totalling more than 7 million acres in the state’s mineral-rich interior.
Formed earlier this year by geologist Harold Noyes and mining executive Brian Cramm, North Star Exploration intends to earn a 100% interest in the properties, subject to a retained royalty interest and back-in rights by Doyon.
More than 70% of the properties are reported to have gold mineralization, with the remaining land deemed prospective for a diverse mixture of base metals, gems and other minerals and metals.
Under the terms of the agreement, North Star can elect to spend up to US$9 million in property exploration and evaluations, and make US$1.3 million in options payments to Doyon through 2001.
The agreement grants North Star exclusive access to Doyon’s database, which represents more than US$10 million of past exploration on specific properties. Doyon also provided its partner with the results of past work in the region by Anaconda. This work is estimated to have cost “several tens of millions.”
North Star has already invested more than US$2 million in follow-up work and administrative expenses, including data compilation, data analysis, Landsat (satellite) imagery and other fieldwork. This information was used to guide this year’s exploration program, currently in progress.
Noyes adds that the company has “sufficient financial resources” to meet its obligations to Doyon through its own funds and through joint ventures.
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