Vancouver — With its market capitalization falling below the listing requirements of the Toronto Stock Exchange,
The parties reached an agreement in principal for a share-swap deal. Standard shareholders will receive one share of Doublestar for each five shares held. Once the deal is complete, Standard will be a wholly owned subsidiary of Doublestar.
Standard holds the Damoti Lake gold property in the Northwest Territories and the Zopilote gold property in Honduras, whereas Doublestar owns 31 properties in British Columbia, including the advanced Sustut copper-silver deposit.
The companies plan to develop Sustut first. Damoti Lake and Zopilote would follow.
At Sustut, situated 33 km south of the Kemess gold-copper mine in north-central British Columbia, attention is focused on the Southeast zone, which hosts a resource of 5.9 million tonnes averaging 1.87% copper and 6.11 grams silver per tonne. Of this, 4.2 million tonnes, grading 1.94% copper and 6.35 grams silver, are classified as measured. Some 1.7 million tonnes, averaging 1.68% copper and 5.4 grams silver, are indicated and inferred.
Previous drilling consisted of 56,400 ft., resulting in an indicated mineral resource of 23 million tons grading 1.11% copper in three deposits.
The Southeast deposit contains the highest grade and was therefore the company’s first drill target. According to Doublestar, the deposit is relatively shallow, and environmental base-line testing has been positive.
Doublestar acquired the property and 10 others last year in a deal with
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