The Snowbird High Grade Gold Project consists of eight mineral claims, comprising 3,018 hectares, located approximately 20 kilometres west of Fort St. James, in central British Columbia. Gitennes has an option with a private company to earn a 100% interest in Snowbird. The Project is accessible year round via paved and dirt roads and sits at a relatively low elevation with moderate relief (not exceeding 190 metres) allowing access to all parts of the property and enabling cost effective diamond drilling programmes.
Gitennes optioned the Snowbird Property in early 2017 and through three exploration programmes it has completed mapping, sampling, ground geophysics and 5,000 metres of diamond drilling.
Gitennes can earn a 100% interest in the Snowbird Project by making share payments and incurring exploration expenditures as follows:
Date Completion | Number of Common Shares to be Issued | Minimum Exploration Expenditures to be Incurred |
---|---|---|
TSXV acceptance of Option Agreement | 600,000 (issued) | Nil |
On or before September 30, 2018 | 200,000 (issued) | $500,000 (completed) |
On or before September 30, 2019 | 200,000 (issued) | $500,000 (completed) |
On or before September 30, 2021 | 200,000 (issued) | $500,000 |
TOTAL: | 1,200,000 | $1,500,000 |
Upon making the above share issuances and exploration expenditures, Gitennes will own 100% of the Snowbird Project subject only to a 2% net smelter returns (“NSR”) royalty to a maximum of $1,300,000 and reverting to a 1% NSR royalty with no cap thereafter.
Snowbird is an orogenic high grade gold property similar to the Motherlode District in California, the Bralorne Mine and Atlin District, British Columbia (all multi-million ounce gold producers) and has four characteristics similar to those analogies.
A) Grade |
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B) Structure | Well defined, up to 100 metres wide, 4.8km long |
C) Alteration | Strong, quartz-carbonate-sericite = Mariposite = Motherlode Assemblage |
D) Depth Potential |
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Snowbird has gold in drill holes, trenches and adits. The majority of the drilling has been carried out in the Main Zone and drilling has been shallow – until now, non-geologically directed in and around Main Zone.
Select historical Drill intersections:
Gold Grade (g/t) | Interval (metres) | Zone |
---|---|---|
20.02 | 2.4 | Main |
11.08 | 3.0 | Main |
24.50 | 1.0 | Main |
4.0 | 1.2 | North |
16.55 | 1.2 | North |
11.39 | 2.1 | North |
Gitennes 2017 ground MAG highlights the structure and alteration.