For thousands of other reports visit RSC's Mineral Intellingence Map
West Melville Metals Inc.
Summary
| Project: | Wels Property | |
|---|---|---|
| Deposit: | Wels Property | |
| Location: | Canada | |
| Commodities: | Gold-Antimony | |
| Date: | 10/27/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 27-10-2016: West Melville Metals Inc. announces a Supporting Acquisition report for its Wels Property deposit at the Wels Property project. Technical report on the Wels Property to support transaction with Gorilla Minerals Corp (JV). R. Allan Doherty, P. | |
| Resources: | x | |
| CP/QP: | [Overall Report]: R Allan Doherty (Aurum Geological Consultants Inc.) | |
| ABSTRACT: | R. Allan Doherty, P. Geo. was retained by West Melville Metals Inc. (WMM) to provide an updated technical report on the Wels Property to support WMM submissions to the TSX Venture Exchange as part of the transaction between Gorilla Minerals Corp and WMM. This report provides a current report on the property required to close this transaction. The Wels Gold Property located in west central Yukon, is comprised of 229 contiguous quartz claims covering an area of approximately 4788 hectares. The property is a new discovery in an area that has never been staked before local geologists Roger Hulstein and Farrell Andersen staked the property based on two soil samples returning 56 and 33 ppb gold, 210 ppb arsenic in both samples and 2.7 and 12.5 ppm antimony respectively. The soil samples were reported in the Yukon Geological Survey report 2006-11. The Wels 1-136 claims were subsequently staked in March 2011 and were optioned in June 2011 to Gorilla Minerals Corp. Additional claims were added in 2012 and 2014 by Gorilla Minerals Corp based on positive results from soil sampling and from trenching. The claims are staked over a bifurcating elevated and unglaciated ridge system which has vertical relief of 250 m over the lowlands of the Wellesley Lake basin to the south and the White River to the north. West Melville Metals Inc. (WMM) and Gorilla Minerals Corp. signed a definitive agreement in August 2016 (See WMM News Release August 15, 2016), whereby (WMM) would purchase a 90% interest in the Wels Gold Property located in Western Yukon. By paying $350,000 in cash over 24 months and issuing 3,000,000 shares of WMM over a 30 month period. After which, WMM and Gorilla Minerals Corp will proceed under a joint venture agreement prescribed by the Option Agreement ( the “Joint Venture”). The Joint Venture terms will require West Melville to fund the project fully through to the completion of a preliminary economic assessment. From that point, West Melville and Gorilla will fund additional work on a 90/10 proportionate basis. If at any time, either party’s interest is diluted to less than 1%, that diluted party’s interest will be cancelled and the Joint Venture will terminate. | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report