Golden Independence snaps up Yukon gold district claims
Golden Independence Corp [IGLD-CSE, GIDMF-OTCQB, 6NN-FSE] said it has picked up a portfolio of mining claims located in the eastern Yukon that were previously held by Bearing Lithium Corp. The Yukon claims cover three projects and 8,000 hectares. They include the Hy-Jay, VBA, and VM, all of which are located along the 50-kilometre Upper Hyland River Gold Belt.
“The acquisition of these claims for no material consideration represents an accretive transaction which provides optionality on an emerging gold district in the Yukon,’’ said Golden Independence CEO Jeremy Poirier. The company is currently aggregating historical data to determine next steps.
On April 24, 2023, Golden Independence shares closed at 58 cents and currently trade in a 52-week range of $1.05 and 27 cents.
The HY-Jay project covers an area of approximately 4,100 hectares and is located on the northwest corner of Seabridge Gold Inc.’s [SEA-TSX, SA-NYSE] 3 Aces project and adjoins Stratabound Minerals Corp’s [SB-TSXV, SBMIF, OTC-Pink] Golden Culvert project to the west.
Prior exploration has outlined three areas of anomalous gold in rock and soil (the Zig Zag, East Ridge and West zones) all of which occur in a similar geological setting to those reported at the adjoining 3 Aces project. Hy-Jay has seen limited historical drilling with one three-hole program (232 metres) completed in 2005. The project consists of 48 claims known as the Hy project, which was acquired from Freeport-McMoran Exploration in 2011. The balance were acquired through staking by Bearing Resources Ltd. A 2.0% net smelter royalty in favour of Freeport remains on the Hy claims, which can be reduced to 1.0% via a one-time payment of $1 million. The Jay claims are not subject to a royalty.
The VM and VBA projects are located 20 kilometres northwest and 45 kilometres northwest of the Hy-Jay project respectively. They are adjacent to Trailbreaker Resources Plateau project where drilling has intersected significant mineralization, including 13.25 g/t gold over 17.5 metres at the Goldstack Zone and 7.6 g/t gold over 9.03 metres at the Gold Dome zone.
Golden Independence is an exploration company focused on the advanced-stage Independence property, which is located on the Battle Mountain-Cortez Trend in Nevada and the Champ precious metal property near Castlegar, British Columbia.
The Independence project is adjacent to Nevada Gold Mines’ Pheonix Fortitude mining operations. Nevada Gold Mines is a joint venture between two of the world’s largest gold producers Barrick Gold Corp. [ABX-TSX, GOLD-NYSE] and Newmont Corp., [NGT-TSX, NEM-NYSE].
The company has said Independence hosts a near surface resource of 506,052 ounces of gold and 7.8 million ounces of silver in the measured and indicated category and 108,946 ounces of gold and 1.0 million ounces of silver in the inferred category.
The estimate also features and underground resource of 796,200 ounces of gold.
Prior to the updated estimate, the Independence property benefited from over US$25 million in past exploration, including 200 holes drilled.