SKRR Exploration Inc. Acquires 75% of the Olson Gold Project and 100% of the Cathro Gold Project
SKRR Exploration Inc. Acquires 75% of the
Olson Gold Project and 100% of the Cathro
Gold Project
VANCOUVER, BC
,
Feb. 23, 2023
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("
SKRR
" or the "
Company
") is pleased to announce that it has completed the earn-in
requirements to hold a 75% interest in the Olson property (the "
Olson Project
") and an undivided
100% interest in the Cathro property (the "
Cathro Project
") from Eagle Plains Resources Ltd.
(TSX-V: EPL) ("
EPL
"). EPL will retain an underlying 2% NSR on the Cathro Project. The Olson
Project area covers 11,219 hectares located within the Trans Hudson Corridor, 20km northwest of
Deschambault Lake, Saskatchewan
and 80km south of SSR Mining's Seabee Gold Operation. The
Cathro Project area covers 3,277 hectares located approximately 50km northeast of
La Ronge,
Saskatchewan
.
Sherman Dahl
, President & CEO of SKRR commented:
"The completion of both the Olson Gold Project and the Cathro Gold Project option exercise
requirements demonstrates our long-term commitment to precious metals in the under
explored, but highly mineralized province of
Saskatchewan
. In addition, SKRR is committed
to the exciting battery metals sector. Our nickel exploration portfolio has also grown and the
highly experienced team at SKRR is exploring other options to add to the battery metals
portfolio in 2023."
About the Olson Project
The Olson Project area overlies regionally sheared, highly strained meta-volcanic and intrusive rocks
which are considered to be prospective for orogenic gold mineralization. The Olson Project are is
host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and
4700m
of diamond drilling, with the last drilling by third party operators reported in 2008. Historical
drilling at Olson Lake intersected
7.5 m
grading 2.07 g/t Au including 13.00 g/t Au over
0.65 m
, and
grab samples of up to 105.52 g/t Au have been collected at the Kalix occurrence. 2018-2019
fieldwork completed by EPL and a previous partner consisted of a detailed compilation of historical
data, geological mapping, soil geochemical work and prospecting. The fall 2020 drill program by
SKRR at the
Olson
Zone intersected significant gold mineralization including new discoveries at the
previously undrilled
Point
,
Jena
and
Michael's Lake
Zones, high grade mineralization in a step out
hole at the historic Olson showing and wide intercepts of near surface mineralization at the
Siskin
Zone. Follow-up drilling in 2021 extended known mineralization at historical occurrences and resulted
in a new gold discovery at the previously undrilled
Ackbar
Zone. To date, SKRR has conducted 3
drill programs at Olson; the first program was conducted in
October 2020
followed by a second
phase drilling program in
March 2021
and a third phase program in
February 2022
. Drilling summary
and assay results for all 3 programs have all been disclosed in news releases between
October
2020
to
May 2021
.
About the Cathro Project
The 3,277 ha Cathro Project covers a suite of LaRonge Greenstone Belt volcanic rocks known to
host structurally-controlled gold mineralization including the historic Contact Lake Deposit (SMDI
0619), located approximately 10km south of the property. The first mineralization in the area was
identified by prospectors in 1958. During the 1960's Great Plains identified Au-bearing quartz shears
associated with metavolcanic rocks. They completed airborne electromagnetic and magnetic
geophysical surveys, followed up by geological mapping and trenching and a shallow 7-hole diamond
drilling program. The area was mostly dormant until the late 1980's when Cogema became active in
the area. The last significant work program was in 1994 by Uranerx Exploration who identified a
number of target area using soil sampling and prospecting. There are four documented gold
occurrences within the claim boundaries. Vidgy Lake (SMDI 2294) has seen the most historic work.
The Vidgy Lake mineralization is associated with a
100m
-wide by 2km- long shear zone developed
along an intrusive –metavolcanic contact.
In
June 2022
, SKRR completed a geological mapping and sampling program on the Cathro Project.
Lithological data was collected from eight locations, along with 47 rock samples. Additionally, 430
soil samples were collected from 15 east-west trending soil lines, with samples spaced
25 m
apart.
Soil samples returned gold values ranging from 0.1 to 320 ppb Au. The most significant values were
obtained between
230m
to
1200m
north-northwest of the Vidgy zone. Of the 47 rock samples
collected, the highest gold (2,490 ppb), silver (4.59 ppm) and copper (5,400 ppb) were returned
from sample MHCTR009, which sampled a granodioritic unit cross-cut by a 2-5cm wide quartz vein
near the Bartlett Lake showing. Overall results show a number of anomalous areas in several areas
of the property, and further follow-up work of mapping and sampling, followed by drilling is
recommended.
Terms of the Option Agreements
Pursuant to the Olson option agreement between SKRR and EPL dated
October 24, 2019
(the
"
Olson Agreement
"), SKRR acquired an initial 51% interest in the Olson Project by making certain
staged cash payments, share payments of common shares in the capital of SKRR to EPL and
exploration expenditures over a period as follows: (i)
$10,000
in cash upon execution of a letter of
intent; (ii)
$20,000
in cash and 200,000 common shares upon TSX Venture Exchange (the
"
Exchange
") approval of the Olson Agreement; (iii)
$40,000
in cash, 200,000 common shares and
$200,000
in exploration expenditures on or before
December 31, 2020
; (iv)
$80,000
in cash,
200,000 common shares and
$500,000
in exploration expenditures on or before
December 31,
2021
; and (v)
$100,000
in cash, 200,000 common shares and
$800,000
in exploration expenditures
on or before
December 31, 2022
. SKRR acquired an additional 24% (75% total) interest in the
Olson Project by making additional exploration expenditures of
$1,500,000
on the Olson Project and
issuing 200,000 common shares of SKRR to EPL.
Pursuant to the Cathro option agreement between SKRR and EPL dated
February 10, 2020
(the
"Cathro Agreement"), SKRR acquired an undivided 100% interest in the Cathro Project by making
certain staged cash payments and share payments of common shares in the capital of SKRR to EPL
over a period as follows: (i)
$4,000
in cash and 250,000 common shares upon Exchange approval of
the Cathro Agreement (the "
Approval Date
"); (ii) 250,000 common shares on or before the first
anniversary of the Approval Date; (iii) 100,000 common shares on or before the second anniversary
of the Approval Date; (iii) 100,000 common shares on or before the third anniversary of the Approval
Date; (iv) 100,000 common shares on or before the fourth anniversary of the Approval Date; and (v)
100,000 common shares on or before the fifth anniversary of the Approval Date. Eagle Plains will
retain an underlying 2% NSR on the Cathro Project.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by
Ross McElroy P.Geo
, a director of the Company and a "Qualified Person" as defined in
National Instrument 43-101 –
Standards of Disclosure
for Mineral Projects
.
About SKRR Exploration Inc.
:
SKRR is a Canadian-based precious mineral exploration company with properties in
Saskatchewan
-
one of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-
Hudson Corridor in
Saskatchewan
in search of world class deposits. The Trans-Hudson Orogen -
although extremely well known in geological terms has been significantly under-explored in
Saskatchewan
. SKRR is committed to all stakeholders including shareholders, all its partners and
the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, statements that address work on
the Olson Project and the Cathro Project, other statements relating to the technical, financial and
business prospects of the Company, its projects and other matters. All statements in this news
release, other than statements of historical facts, that address events or developments that the
Company expects to occur, are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual results may differ materially
from those in the forward-looking statements. Such statements and information are based on
numerous assumptions regarding present and future business strategies and the environment in
which the Company will operate in the future, including the price of metals, the ability to achieve its
goals, that general business and economic conditions will not change in a material adverse manner,
that financing will be available if and when needed and on reasonable terms. Such forward-looking
information reflects the Company's views with respect to future events and is subject to risks,
uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of
exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the
potential for unexpected costs and expenses, and those filed under the Company's profile on
SEDAR at
www.sedar.com
. Factors that could cause actual results to differ materially from those in
forward looking statements include, but are not limited to, continued availability of capital and
financing and general economic, market or business conditions, adverse weather conditions,
equipment failures, failure to maintain all necessary government permits, approvals and
authorizations, decrease in the price of gold, nickel and other metals, the impact of Covid-19 or
other viruses and diseases on the Company's ability to operate, failure to maintain community
acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to
perform their contractual obligations. The Company does not undertake to update forward–looking
statements or forward–looking information, except as required by law.
SOURCE
SKRR EXPLORATION INC.
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%SEDAR: 00027214E
For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR EXPLORATION INC.
CNW 03:00e 23-FEB-23