Doublestar gains Falco assets

Junior Doublestar Resources (DSR-V) will acquire all 13 mineral property interests of Falconbridge (FL-T) in British Columbia.

In return, Doublestar is required to pay $500,000 over 20 months and issue 1.5 million shares. Falco will also receive 500,000 warrants priced at $1, $1.25 and $1.50. The agreement is subject to a 90-day due diligence period.

The most advanced projects are two copper deposits: Sustut and Catface.

Situated near the Kemess copper-gold mine, Sustut contains a drill-inferred resource of 43.5 million tonnes grading 0.81% copper. This resource includes 21 million tonnes grading 1.11% copper.

The Catface property, 13 km northwest of Tofino, contains a mining reserve of 123 million tonnes grading 0.46% copper and 0.014% molybdenite. Falco can exercise a 50.1% back-in right on both properties by paying 150% of Doublestar’s exploration expenses.

Included in the acquisitions is the Ruddock Creek project, in which Doublestar will hold 58.91% and Cominco (CLT-T), the remainder, hosts a drill-indicated resource of 1.5 million tonnes grading 8.4% zinc and 1.6% lead in the E zone. The property is 96 km north of Revelstoke.

Doublestar also gains a 75% stake in the Robb Lake project, which has a drill-inferred resource of 7.1 million tonnes grading 4.7% zinc and 1.5% lead. Robb Lake is 200 km northwest of Fort St. John.

Other acquisitions include: the Chemainus base metal project on Vancouver Island; the Churchill and Hillar iron resource option near Zeballos; a 70% interest in the Baldwin-McVicar copper property, 12 km east of Squamish; 51% of the Bet 1-3 and Bet 5 claims, northeast of Barriere; 38% of the Sphaler Creek copper claims, 300 km northwest of Terrace; and 100% of the Swift gold claims, near Salmo.

Doublestar has hired firms to evaluate all the property data.