Binding letter of intent with 1259542 B.C. Ltd to enter into an Option Agreement under which, the Optionee can earn up to a 70% interest in the Property.
On Signing LOI: $25,000 cash payment and issuance of 133,333 common shares
First Anniversary: $150,000 of exploration expenditures, & cash payment $50,000 and issuance 300,000 common shares
Second Anniversary: $250,000 of exploration expenditures & cash payment $75,000 and issuance 433,333 common shares
Third Anniversary: $500,000 of exploration expenditures.
Location and Access
The Startrek Gold-Antimony Project, located about 20 km east of Gander, Central Newfoundland, is situated about 25 km east of New Found Gold Corp’s Queensway Property and the Keats Discovery Zone which reported a diamond drill core intersection of 19.0 m at 92.9 g/t Au starting at 96 metres (see New Found Gold Corp. news release dated 9 September 2020).
The Property is accessible along the old abandoned provincial railway bed east of Benton. The rail bed has been designated a provincial park and requires a special permit for vehicle use other than ATV or skidoo. Alternate access is possible through the McCurdy gravel operations on the Reid Lot located north of the Trans-Canada Highway at the east end of Gander Lake.
The Property consists of 276 claim units (026779M, 022588M and 027282M) covering approximately 11,040 ha.
Property is in the Gander Zone, underlain by rocks of the Gander Group that are divided into early to middle Ordovician Indian Bay Big Pond Formation, Cambrian and Early Ordovician Jonathan’s Pond Formation, and the Square Pond Gneiss.
The Indian Bay Big Pond Fm tends to be characterized by more prevalent black pelites versus the quartz rich psammites of the Jonathan’s Pond Fm.
The Square Pond Gneiss occupies the eastern part of the property and is a km wide belt of rocks that underlie metamorphosed equivalents of Gander Group rocks.