Snowline closes property portfolio acquisition, Yukon, shares up
Snowline Gold Corp. [SGD-CSE; SNWGF-OTC] has closed the previously announced acquisition of a large portfolio of Yukon exploration assets from Strikepoint Gold Inc. [SKP-TSXV; STKXF-OTCQB], an arm’s-length party, in exchange for the payment of $500,000 in cash, and the issuance of 500,000 common shares of the company.
“The Strikepoint portfolio comprises 10 gold properties in the Yukon’s Selwyn basin, complementing our existing portfolio and exploration efforts well,” said Scott Berdahl, CEO and director of Snowline. “Most notably, the Golden Oly project covers at least seven distinct reduced intrusion-related gold targets. Each target is geologically similar to our ongoing Valley discovery on our Rogue project. Based on that success, this is ground we would have staked if it were open. Instead, we have acquired not just the properties, but also extensive geochemical, geophysical and geological datasets which will accelerate our exploration efforts-all for roughly the cost of staking. We will apply our growing knowledge of reduced intrusion-related gold systems and of the Selwyn basin to build on our track record of discovery.”
The consideration shares are subject to a statutory hold period of four months and one day, expiring February 21, 2023, in accordance with applicable Canadian securities laws. The consideration shares are also subject to a contractual hold period of six months, expiring on April 20, 2023.
Snowline Gold is a Yukon-focused gold exploration company with a 17-project portfolio covering over 254,000 hectares. The company is exploring its flagship over-111,000-hectare Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn basin.
Snowline’s project portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits, including Kinross’s Fort Knox mine, Newmont’s Coffee deposit and Victoria Gold’s Eagle mine. The company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
In morning trading, shares of Snowline Gold gained $0.13 to $2.72.