A recent agreement between Skyline Gold (TSE) and Adrian Resources (VSE) sets the stage for Adrian to acquire a 51% interest in the Sky Creek portion of Skyline’s Johnny Mountain property in northwestern British Columbia.
The option agreement is for the 5,860-acre Sky Creek project which includes the Reg 8-9, Sky 2-3, Stanley and Zeehan 4-5-6 claims. Accessible by road, the property is in the Iskut River camp adjacent to the new Snip gold mine owned by Cominco and Prime Resources Group.
The project area is reported to be underlain by rocks which host the Snip deposit and the polymetallic massive sulphide mineralization being explored on the Rock & Roll property, five miles to the northwest, of Eurus Resource and Thios Resources.
To earn its interest in the Sky Creek project, Adrian must make cumulative exploration expenditures of $1.5 million over three years, issue 200,000 of its shares to Skyline, and grant Skyline options to buy additional shares. Skyline would also get an additional 100,000 Adrian shares at the start of commercial production.
Adrian will operate the exploration program which began with an airborne geophysical survey. Ground follow-up work will include geological mapping, geochemical sampling, ground geophysical surveying and diamond drilling. It is expected that about $300,000 will be spent this season.
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