StrikePoint close to completing acquisition of Skeena’s subsidiary

10.12.2019, 16:20 - eeppo

The initial discovery of silver mineralization on nearby Mt. Rainey occurred in the early 1900s

StrikePoint Gold (TSXV: SKP) announced that it is close to completing the acquisition of Mount Rainy Silver, a subsidiary of Skeena Resources that holds the interest in the Porter property in British Columbia. 

In a press release, StrikePoint said that the only thing missing to complete the buyout is the payment of an outstanding balance of $750,000 due on or before December 31, 2019. The miner said it will fulfil this obligation by issuing 18,750,000 of its common shares to Skeena.

“We are excited to have met all outstanding obligations towards the 100% interest of the high-grade silver Porter property,” Shawn Khunkhun, StrikePoint’s CEO, said in the media brief. “Furthermore, we are pleased to welcome Skeena as our largest shareholder. StrikePoint is now well-positioned for 2020 with our two flagship precious metals properties in the prolific Golden Triangle, Willoughby and Porter.”

The Porter project is located at the head of the Portland Canal, southeast of the town of Stewart.

According to StrikePoint, the property contains two shears-hosted silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. The showings are 2 kilometres apart, located on opposite sides of Mt. Rainey, overlooking the town of Stewart. 

Historical Indicated Resource has been estimated at 394,700 tonnes grading 868 g/t silver, 3.37% lead and 1.41% zinc (435,000 tons @ 25.2 oz/ton silver or a contained 11 million ounces) and Inferred Resource at 88,900 tonnes grading 595 g/t silver (97,900 tons @ 17.3 oz/ton silver or a contained 1.7 million ounces).