Summary
The Harry property is located along a 50km long, north-northwest trending axis featuring several high-grade gold occurrences (East Gold, Gold Wedge, Marmot Gold), a producing mine–the Valley of the Kings–and a famous former gold mine, the (Silbak) Premier. It covers numerous, red-weathering zones of alteration lying east of the Salmon Glacier. In 2020, prospecting on one of these gossanous areas, recently exposed by glacial retreat, uncovered a high-grade showing, the “Milestone”, which ran 7.6 oz/ton gold over 2.0m.
The Harry property was optioned to Optimum Ventures in September of 2021. Terms allow Optimum to earn up to an 80% interest by carrying out $9 million of work over five years. Optimum must also pay Teuton $1.5 million in cash and issue 4,000,000 shares to Teuton over the option period. Teuton retains a 2.0% Net Smelter Royalty and a 20% interest after the option is exercised. Down payment is $50,000 and 200,000 shares.
Alozy Walus, M. Sc., P. Geo., has written a 43-101 report on the Harry property which will be filed on Sedar under Optimum Ventures. He identifies a 15 km long prospective corridor (a sub-area within the Marmot Gold to Premier mine axis mentioned above) which “hosts a number of gold-silver deposits”. Mr. Walus concludes : The Harry property has excellent potential for the discovery of high-grade gold-silver mineralization as well as large-scale low-grade gold-silver zones similar to those located within the mineralized corridor described above.”
Further mineralized zones have been discovered, one of which, the “S-1”, “represents a 10 metres wide vein swarm comprised of numerous parallel quartz veins which contain up to 10% of combined pyrite, galena and sphalerite.” Mr. Walus also said: “During the 2020 exploration program the author identified a large intrusive body of Premier Porphyry in the area of Milestone and S-1 showings which is in contact with a large prominent quartz-sericite- pyrite alteration zone at least 400 metres in size. The presence of Premier Porphyry is very encouraging since this rock was the source of mineralization in the historic Premier Mine.”
Jayden Resources Terminates Option Agreement
In 2020, Teuton optioned the Harry property to Jayden Resources. In September of 2021, Jayden signed a quitclaim agreement in which they agreed to terminate the option with Teuton in consideration of payment of $27,000 by Optimum Ventures and issuance of 750,000 shares of Optimum Ventures.