Bald Eagle Gold Corp. has entered into a share purchase agreement to acquire a 100% interest in the Leviathan Property located in the Heath Mining District of Washington County, Idaho, USA. The property is composed of 65 unpatented mineral claims. The Leviathan is located immediately east of and adjoins the company's recently acquired Hercules silver property.
The company will acquire the property (the transaction) by purchasing all of the issued and outstanding common shares (the Frontier shares) of Frontier Metals Canada Holdings Corp. Frontier Canada is a private company existing under the laws of British Columbia. The holders of the Frontier Canada shares (the vendors) are at arm's length to the company.
Closing of the transaction is subject to receipt of applicable regulatory approvals and third-party consents, including the approval of the TSX Venture Exchange (TSXV) and closing conditions customary for transactions of this nature, on or before 31 December 2021.
The transaction is consistent with the company's focus of consolidating a district-scale exploration opportunity in the favourable mining jurisdiction of Idaho, USA. The Leviathan Property lies immediately adjacent to the company's recently acquired Hercules Property in the Cuddy Mountain Mining District and expands Bald Eagle's total land position to 2209 acres in this highly prospective area.
Historical surface sampling indicates that the silver (+/- lead-zinc) mineralisation on the Hercules Property extends onto the northern portion of the Leviathan, which provides the company with additional targets to increase the overall strike length of the mineralised system. Significant copper mineralisation is also present within the volcanic rocks at surface on Leviathan, suggesting a potential porphyry copper system may be present at depth.
The last major cycle of exploration took place in the Heath Mining District in the early 1980's, when a number of companies were active on various claim groups throughout the district. Bald Eagle's acquisition of the Leviathan represents an important consolidation of the district, allowing the company to explore both the silver (+/- lead-zinc) component of the system on the Hercules as well as possibly related porphyry copper style mineralisation on the Leviathan.
Raymond Harari, President and Director of Bald Eagle, commented: “We are very excited to be expanding our Hercules silver project in the mining friendly jurisdiction of Idaho. The Leviathan acquisition provides us with a much larger land package of prospective ground on which to explore and expand the currently known mineralisation. Our geological team is currently preparing a field exploration programme for the newly acquired ground, to be executed over the coming weeks. Idaho is a top ranked jurisdiction for mining and mineral exploration internationally, and we are excited to begin exploring and generating news flow on the project.”
Read the article online at: https://www.globalminingreview.com/finance-business/19112021/bald-eagle-announces-acquisition-of-leviathan-property-in-idaho/