The TSX Venture Exchange has accepted for filing an option agreement dated August 30, 2021, between private company Cazador Resources Ltd. (Adam Travis), the optionor, whereby Goldplay Mining Inc. [AUC-TSXV; AUCCF-OTCQB] is acquiring a 100% interest in the Big Frank and Nuit properties.
The properties are located in the western Chilcotin district of southwestern British Columbia. There is a 2% net smelter return (NSR) royalty payable to the optionor for each property and the optionee has the right to purchase 1% of the NSR royalty for a payment of $5-million per property. Consideration payable to the optionor is an aggregate of $1.05-million in cash, 6 million common shares and $10.5-million in exploration expenditures for both properties.
The Big Frank property (9,470.8 hectares) covers a 20-km-long favourable geological trend and is located approximately 285 kilometres northwest of Vancouver and approximately 30 km north of the head of Knight Inlet, with logging roads occurring in the western portions of the property.
Four principal target areas include Redbreast/Sawyers Grid/Hannah/Big Frank/Discovery. The area has been variously named and, at times, only partially held and explored by respective parties. Significant ice retreat continues to expose the westward expansion of alteration over the Redbreast area with numerous copper and molybdenum talus fine samples (up to 1,000 parts per million copper and 1,000 parts per million molybdenum) and sporadic rock gold anomalies of up to 11.2 g/t gold. Farther to the east at Hannah/Saffron/Big Frank, epithermal-style veins are noted. A select grab sample assayed 126 g/t gold and greater than 1% copper. A channel sample averaged 85 g/t gold, 51 g/t silver and greater than 1% copper over 2.0 metres.
The Nuit Mountain property (2,448.8 hectares) covers an 8-km-long alteration trend and is located 170 km southwest of Williams Lake and 75 km east of the Big Frank property. Nuit Mountain has road access to within 4 km of the property. Exploration in the vicinity of the Nuit Mountain property was prompted in the 1960s by the sighting of large, rusty gossans and at least seven documented copper and gold mineral showings. Examples of known mineralization include a composite sample of well-mineralized rocks collected in 1972 along the length of the Fly showing, which averaged 0.677% copper over 200 metres.