Proceeds from a recent private placement agreement will be used by the Salmo joint venture to further explore the Katie copper-gold property and newly acquired claim blocks surrounding the Katie property near Salmo, B.C.
Yellowjack Resources (VSE) has a 49% interest in the Salmo joint venture, with Hemlo Gold Mines (TSE) holding a 28.34% interest and associated company Brenda Mines (TSE), a 22.66% interest.
The brokered private placement of Yellowjack shares at $1.45 per share will be subject to a hold period of one year. The minimum offering is $150,000 and the maximum is $500,000.
By the end of this year, the partners hope to spend about $500,000 on further exploration of the Katie property, which will include IP surveys and a further 20 diamond drill holes. About $70,000 is being budgeted for geochemical and IP (geophysical) survey work on the newly acquired Gus and Lisa claim groups.
The land package also includes the Elise claims held 40% by International Corona (TSE). Yellowjack can earn 29.4% of this claim block, Hemlo will retain 17% and Brenda Mines will earn 13.6%.
The agreements now cover an area totalling 59,553 acres. Yellowjack reports that the main feature on this large property package is a strong regional magnetic high anomaly within the Rossland volcanic group of rocks. This feature is described as 10 km long. The north end of this feature covers the Katie property which is presently being drilled as a porphyry copper-gold target.
The remainder of the target is mostly overburden covered, and a geochemical survey to cover the entire strike length will be done this fall.
Be the first to comment on "Salmo venture land package grows"