Kenorland Minerals (TSX-V:KLD) will acquire the Golden Sidewalk project for C$1 million ($1 million) cash to consolidate its Central Uchi project in Ontario, Canada.
The company has entered into an agreement to acquire a 100% interest in the Golden Sidewalk project from Prosper Gold (TSX-V:PGX).
The acquisition will form part of Kenorland’s recently staked Central Uchi project, approximately covering 75,913ha in the Birch-Uchi greenstone belt of Ontario, about 60km east of Red Lake.
Spanning around 30km of Mesoarchean greenstone stratigraphy, the Central Uchi project includes an unconformable contact with Neoarchean assemblages.
Historical gold occurrences within the Golden Sidewalk agreement area include the past‑producing Bathurst mine and the Joe, KT, Dunkin, and Vihonen prospects, where historical drilling returned ‘high-grade’ gold intercepts.
Recent exploration identified the Golden Corridor, a greater-than-5km trend of coincident magnetic and resistivity lineaments located immediately north of a regional unconformity between the Balmer and Narrow Lake assemblages.
The corridor is supported by a strong, coherent gold-in-till anomaly and is a priority exploration target.
Kenorland Minerals will also assume underlying royalties on the claims representing the Golden Sidewalk project. The transaction is subject to Prosper Gold receiving shareholder approval for the disposition and TSX-V approval.
Write to JC Villarba at Mining.com.au
Images: Kenorland Minerals
