Hi-View Resources (CSE:HVW) has acquired the Borealis Project in the Toodoggone district of north-central British Columbia from Coast Copper (TSX-V:COCO), with the group scheduled to start drilling to follow up previously identified copper, gold, and silver targets in the area.
The company has paid $500,000 to the vendor, while simultaneously issuing 3.5 million shares for the full consideration of the acquisition.
The land package comprises the Cas, Bren, and Firesteel areas, of which the Cas area is prospective for two “strong” induced polarisation (IP) chargeability highs that run with low resistivity in zones of pyritic clay alteration returned in a 1992 program.
Coast Copper has retained a 3% net smelter return royalty, which Hi-View has the opportunity to buy back 1% for a $2.5 million fee, as well as an additional 1% for $5 million.
CEO Nick Horsley says the acquisition has allowed the company to expand its land package by 9,106 hectares, almost doubling its portfolio.
“When our team first identified the Placer Dome IP target, we were astonished that such a promising site had never been drilled,” Horsley says.
“In 1992, low-grade, bulk-tonnage porphyry targets were overlooked; yet, today, these deposits are highly valued for their consistent mining grades and predictable metallurgy.
“We have initiated an airborne survey across the entire new holdings and plan to apply for permits to conduct an IP survey, with the goal of advancing to a drill program to test the target.”
Hi-View Resources is a Canadian explorer focused on advancing its gold, silver, and copper projects in the Toodoggone region of Northern British Columbia.
Write to Maddison Elliott at Mining.com.au
Images: Hi-View Resources
