Commodity: Gold Location: The Northwest Territories Size: 250 km2 Status: Under alliance with Newmont Stage: Early stage
The Astro Project is the result of a successful two-year, US$1.8 million generative Alliance with Newmont Mining Corporation. The project is located within the traditional territory of the Sahtu Dene and Metis Comprehensive Land Claim and we are committed to developing a positive and mutually beneficial relationship based on respect and transparency.
Newmont is determining if it will designate the Astro Project to the option phase of the Alliance. Under the terms of the Alliance, Newmont may elect to earn an 80% interest in a designated project by making staged cash payments totalling US$600,000 to Evrim and solely fund exploration until such time as it has defined a NI 43-101 compliant pre-feasibility study on a minimum two million ounce gold resource. Evrim will be the operator for the initial US$5million in exploration expenditures.
Evrim may then elect to form a joint venture with Newmont on a respective 20:80 basis whereby Evrim can maintain its equity interest in the project, or elect to have Newmont fund a positive NI 43-101 compliant feasibility study and reduce Evrim’s equity interest to 15%. Thereafter, Evrim may elect to contribute its pro-rata share of adopted programs and budgets, or convert to a 2% net smelter return royalty (“NSR”) of which 0.5% may be repurchased by Newmont for US$10 million.
In anticipation of Newmont designating the Astro Project for option, Evrim and Newmont have commenced permitting for a US$1.2 million drilling program this summer.
- The Astro Project includes a 9.5 kilometre-long trend of soil and rock chip gold anomalism with significant gold results from limited surface sampling of gossans at the Radio and Microwave prospects.
- Chip sampling at the Radio prospect returned 11.6 grams per tonne (“g/t”) gold over 18.0 metres including 32.1 g/t gold over 6.0 metres
- Chip sampling at the Microwave prospect returned 4.68 g/t gold over 7.5 metres including 6.73 g/t gold over 3.0 metres. Approximately 40 metres to the east is a second zone of mineralization grading 2.25 g/t gold over 11.0 metres
- The mineralized intersections at the Radio and Microwave prospects are open along strike in both directions.
About the Alliance and the Astro Project
The Alliance used government datasets from the Yukon and Northwest Territories to generate conceptual targets for Carlin-style, sedimentary gold deposits and applied Newmont’s proprietary Bulk Leach Extractable Gold (BLEG) technique over the 23,250 square kilometre Alliance area. The exploration programs included 1,046 stream sediment samples, 400 rock chip samples, 2,300 soil samples, detailed mapping, and staking of 891 square kilometres of claims.
The 250 square kilometre Astro Project is located six kilometres north of the Mile 222 airstrip and 195 kilometres northeast of Ross River along the Canol Road, providing seasonal road access to the southern boundary of the property. The Astro Project is situated on the western margin of the Mackenzie Platform, a Devonian to Permian basin filled with predominately carbonate strata, which runs parallel with the Yukon and Northwest Territories border. The basin was uplifted and deformed prior to intrusion by felsic plutons, including the Cretaceous Tombstone suite, Mayo Suite and Tungsten suites.
Soil sampling within the Astro Project defined a 9.5 kilometre north-northwest trending corridor of gold anomalism. The corridor is a structurally complex area with stacked thrust sheets of Pre-Cambrian to Devonian sediments (including sandstone, siltstone and lime mudstones) intruded by the Border and Mehitabel felsic intrusions. To date, the intrusions appear to have limited prospectivity; however, the hornfelsed eastern margin includes gossans at the Radio and Microwave prospects and gold in soil anomalies that form additional targets. Soil anomalism is asymmetric with gold, copper, lead, and arsenic located west of pathfinder element anomalies, in particular, antimony and mercury that extend further east into non-hornfelsed calcareous mudstone units. A younger set of steep, north-northwest trending faults cut the thrusted units and intrusions. These faults appear to control emplacement of both fresh to strongly altered mafic dykes and gossan zones.
The Radio prospect hosts an approximate 20 metre by 25 metre zone of gossan adjacent to a fault hosted in a siltstone unit with minor calcareous layers. A continuous set of chip samples were collected across the zone which returned an open-ended intersection of 18.0 metres grading 11.6 g/t gold including 6.0 metres grading 32.1 g/t gold. Mineralization occurs with elevated bismuth and copper in a magnetite and pyrite skarn assemblage.
The Microwave prospect, located five kilometres southeast of the Radio prospect, hosts a stratabound zone of mineralization in shallowly-dipping siltstones. This prospect was sampled by two sets of continuous chip samples located approximately 40 metres apart. The first set of chip samples returned 7.5 metres grading 4.68 g/t gold, including 3.0 metres grading 6.73 g/t gold and the second set of chip samples returned 11.0 metres grading 2.25 g/t gold. Both intersections are open-ended.
A stream sediment anomaly located approximately 700 metres upstream from the Microwave prospect has the same tenor as a second stream sediment anomaly, located 500 metres downstream from the prospect, indicating the potential for a significantly longer strike extent than currently defined.
Prospect Chip Traverse Width
Radio Chip Traverse 1 18.0 11.6 Including 6.0 32.1 Microwave Chip Traverse 1 7.5 4.68 Including 3.0 6.73 Chip Traverse 2 11.0 2.25