Business
Argentum Enters into Mining Claim Acquisition Agreement to Acquire Interest in Vanadium Ridge Property
Toronto, Ontario--(Newsfile Corp. - July 10, 2018) - Argentum Silver Corp. (TSXV: ASL) (the " ...
About this update from Argentum Silver Corp.
[{"type":"text","content":"Argentum Enters into Mining Claim Acquisition Agreement to Acquire Interest in Vanadium Ridge PropertyToronto, Ontario--(Newsfile Corp. - July 10, 2018) - Argentum Silver Corp. (TSXV: ASL) (the \"Company\") is pleased to announce that it has entered into a mining claim acquisition agreement (the \"Agreement\") with Lithium Energy Products Inc. (the \"Vendor\") pursuant to which the Company has agreed to purchase 80% of the Vendor's right, title and interest in the Vanadium Ridge Property (the \"Property\").Pursuant to the terms of the Agreement, the Company has agreed to purchase the interest in the Property, in exchange for the payment of $150,000 and the issuance of 1,250,000 common shares (\"Common Shares\") of the Company to the Vendor on the date the TSX Venture Exchange (\"TSXV\") grants approval of the transaction (\"Effective Date\"). Vanadium Ridge Project — British ColumbiaThe Vanadium Ridge Project is located at the southern end of the Quesnel Trough approximately 50 km north of Kamloops, British Columbia. The property consists of 20 mining claims covering 2,110 hectares near the town of Barriere. In 2008, American Creek Resources conducted mapping, geochemical sampling, soil sampling and ground geophysics on the property, focused on a large magnetic anomaly identified in a previously flown airborne survey by the British Columbia government. Initial results had indicated potential for an iron ore deposit as three separate zones consisting of massive parallel high-grade magnetite seams and pods in gabbro and diorite intrusions and related skarns. In 2009 American Creek drilled 7 holes totaling of 650 metres to test the continuity at depth of vanadium-rich magnetite surface exposures located within well-defined magnetic anomalies. The program was successful in proving that multiple massive magnetite seams and pods continued at depth. Advanced metallurgical testing of drill-core composites was also performed. Initial metallurgical testing of the magnetite/vanadium produced concentrate averaging 67% iron, 93% magnetite, and 0.74% vanadium. This test-work indicates that the magnetite is coarse-grained and soft, and that silica is not bound in magnetite.The Vanadium Ridge Project, with its near-surface vanadium-rich magnetite mineralization exposure is an attractive exploration target that may not require chemical pr...