Going For Gold In BC's Golden Triangle
British Columbia Canada is a land of rich resources and history. From logging to mining, this province earns it's keep from the land. Although lumber and timber products where almost the mainstay of the economy, mining and natural gas plays a huge roll in the economy also. With commodities making a comeback a lot of juniors are out on the hunt looking for that one of kind rich deposit and there is no where better to explore than the Golden Triangle of northen BC. Some of the biggest gold finds are in this area going back all the way to the Eskay Creek days. Since then numerous exploration programs have come on stream and millions of investment dollars have been invested in this area.
One of the big name explorers is Pretium Resources PVG which is working on the BruceJack property. drilling on this property has pulled out some very impressive grades. In the latest news release the company posted 38.04 meters of 59.13 g/t gold. That's the kind of impressive results that are drilled up in this part of the province. With drill results like that it's no wonder that other companies are itching to get a piece of the action. Seabridge Gold SEAhas a large land package in this same area and when the time came to expand they just had to buy out a smaller junior. That junior, Snip Gold SGG saw it's share price go from 7 cents to a buy out price of 30 cents. Any junior that has any kind of property in this area is going to see a lot of interest from both investors as well as mid tier mining companies.
One of the companies that has holdings in this area is Homestake Resource HSR. The Company's primary asset is the Homestake Ridge Project, a gold-rich epithermal/VMS-related vein system hosted within Eskay Creek equivalent stratigraphy, with three deposits containing NI 43-101 compliant resource estimates. Since acquiring the property in 2003, 77,946 meters of exploration and delineation drilling have been completed, leading to the identification of a NI 43-101 compliant mineral resource estimate of 124,000oz gold and 939,000ozs silver indicated plus 911,000ozs gold and 20,366,000ozs silver inferred at an $85NSR cut-off in three separate deposits.
In November of 2015 there was an agreement between Homestake and Banks Island Gold where Banks Island Gold could earn a 50% interest in the Homestake Ridge porperty. Banks Island would be the operator during the earn-in period. In order to exercise the option, Banks Island would also required to deliver to the Company a Preliminary Economic Assessment by September 30, 2018 or within 30 days of completion of earn-in expenditures.
Then in January of 2016 there was news released stating the Banks Island could not go through with their side of the deal and so the agreement came to an end. So at this point in time the comapny is back to square one where it holds 100% interest in the Hamestake Ridge project will has the makings of a high grade underground mine. Also there is the option for other joint ventures if something like that should come up in the future.
Homestake has 56 millions shares O/S and is an active trader on the TSX Venture exchange.
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