Business
Strikepoint Completes the Transaction of the High-grade Silver Porter Property
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2019) - StrikePoint Gold Inc. ...
About this update from Strikepoint Gold Inc.
[{"type":"text","content":"Strikepoint Completes the Transaction of the High-grade Silver Porter PropertyVancouver, British Columbia--(Newsfile Corp. - December 9, 2019) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (\"StrikePoint\" or the \"Company\") announces in relation to the amended share purchase agreement (See News Release, July 23, 2018) between the Company and Skeena Resources Ltd. (\"Skeena\") regarding the acquisition of the wholly-owned subsidiary Mount Rainy Silver Inc. (\"Mount Rainy\"), the intended completion of all payments thereunder. Mount Rainy was a private entity holding the Company's interests in the Porter property immediately southeast of Stewart in northwestern British Columbia. The Company will pay the outstanding balance of $750,000 due on or before December 31, 2019, by issuing 18,750,000 common shares of the Company to Skeena based on a deemed price per share equal to the twenty-trading day VWAP of the Company's shares. The shares issued will bear a four-month regulatory hold period.Shawn Khunkhun states, \"We are excited to have met all outstanding obligations towards the 100% interest of the High-grade Silver Porter property. Furthermore, we are pleased to welcome Skeena as our largest shareholder. StrikePoint is now well-positioned for 2020 with our two flagship precious metals properties in the prolific Golden Triangle, Willoughby and Porter. \"The Porter - Silverado MinesThe Porter Project contains two shears-hosted silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. The showings are 2km apart, located on opposite sides of Mt. Rainey, overlooking the town of Stewart. The Project is located strategically at the head of the Portland Canal, a deep-water port with year-round, ice-free access. The initial discovery of silver mineralization on Mt. Rainey occurred in the early 1900s. Prosperity-Porter Idaho veins were the focus of the initial work. The mineralization is hosted in six parallel dipping shear zones, traced 200 meters on surface and one kilometre down dip with widths between 2 and 13 meters. The vein system was mined between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to the port at Stewart via aerial tramway. Historic Silver ResourceThe...