Sitka Gold shares rise on high-grade results of initial diamond drilling at RC in Yukon
The assay results follow initial reports of visible gold at Rhosgobel in early October.
Edmonton-based Grizzly Discoveries announced its intentions to purchase the cobalt-copper-silver “Robocop Property,” located within the Fort Steele Mining District in southeastern British Columbia.
In detail, the property is located east of the company’s Greenwood property or approximately 45 kilometres south of the town of Fernie, immediately north of the Canada-US border.
Robocop is comprised of five mineral claims totalling 9,891 acres. In a press release, Grizzly said that different areas with significant historic cobalt-copper-silver in soil anomalies have already been identified. “Historic drilling during the 1990’s (Teck Explorations Ltd.) and early 2000’s (Ruby Red Resources) has yielded grades of up to 0.18% Co, 0.28% Cu, 4.1 parts per million (ppm) Ag over 1 m core length (Pighin, 2009) and 0.134% Co, 1.19% Cu and 33.8 ppm Ag over 1.23 m core length (Thomson, 1990) for individual core samples,” the brief reads.
Under the terms of the Letter of Intent it signed with the project’s undisclosed vendor, Grizzly would acquire a 100% interest in the Robocop Property subject to a 3% net smelter royalty by issuing to the vendors 2,000,000 units, with each unit consisting of one common share of Grizzly and one transferrable share purchase warrant.
“We have been able to negotiate a favourable purchase of 100% interest in the Robocop Property, which we believe will provide an excellent cobalt exploration opportunity for Grizzly. It is in the same region of BC as our Greenwood Property, where we have excellent relationships with the First Nations, and years of operating experience. We feel that the historic sampling and drill results are very significant, and that this Property has excellent potential for the discovery of a Co-Cu-Ag deposit,” the company’s CEO, Brian Testo, said in the statement.
