Sunvest Minerals Corp. [SSS-TSXV] said Thursday December 14 that it signed a definitive agreement with an arms-length vendor to acquire a 100% interest in the Parrott Lake Property in north-central British Columbia. Parrott Lake is contiguous and flanks the north and west areas of the Silver Queen property, where New Nadina Explorations Ltd. [NNA-TSXV] has reported high-grade silver assays, together with promising gold, lead and zinc values in a porphyry deposit.
The Silver Queen property is located on the all season maintained road to the Huckleberry Mine at Owen Lake, 43 km south of Houston.
The Parrott Lake property covers 3,410 hectares and encloses a portion of the IRK Minfile showing, which was first reported in 1969 during a soil geochemical survey.
Asarco Exploration Co. of Canada explored the IRK showing area between 1977 and 1984, completing trenching and test pitting, soil geochemistry and percussion drilling. Mineralization consists of disseminated galena, sphalerite, and pyrite in a calcareous arkose within significant silver values. Float rock samples extracted from shallow pits by Asarco in 1984 returned 602 g/t silver, 539.8 g/t silver, and 117.3 g/t silver.
The IRK showing represents a high priority target that can be investigated with Induced Polarization geophysics, following by diamond drilling, Sunvest said in a press release.
“The addition of the Parrott Lake property represents a strategic acquisition in this emerging area play, led by the activities of New Nadina in the contiguous Silver Queen property,’’ said Sunvest CEO Mike England.
“Compilation of previous exploration results is in progress with the intention of commencing surface geophysics in the first quarter of 2018,’’ he said.
To purchase the 100% interest in Parrott Lake, Sunvest has agreed to issue 4 million shares and pay $100,000 in cash over six months.
Sunvest shares were unchanged at 10 cents in early afternoon trading Thursday after trading up to 12.5 cents on volume of 1.14 million.
Sunvest recently announced that it had launched the drilling program at its flagship McKinnon-Hawkins Project, which is located northeast of the Hemlo, Ontario gold camp and has an existing resource of 239,100 ounces of gold, which includes material located in the former Shenango Gold Mine.