Mineral exploration company Forty Pillars Mining has entered into an agreement with Origen Resources to acquire a 100% interest in its Wishbone property located in the heart of the Golden Triangle, in Canada.
Forty Pillars will pay Origen $3-million for its interest in the 3 971 ha project. Origen will also receive a 1% net smelter return royalty on further production at the project.
Adding the gold asset to Forty Pillars’ portfolio is the next step in executing the company’s business model, says CEO Nader Vatanchi, adding that the Wishbone project presents a unique opportunity for Forty Pillar shareholders to benefit from the rising gold activity in the Golden Triangle area.
The Wishbone property comprises ten claims and is contiguous to the eastern boundary of Teck Resources and Newmont Corporation’s Galore Creek copper/gold, which is one of the world’s largest undeveloped copper/gold/silver deposits.
Wishbone also contains a series of gold and silver quartz-carbonate vein and breccia occurrences over the nearly 12 km length of the claims.
Gold values in this region range from 0.001 g/t to 175.7 g/t in the 79 rock samples collected at the Rat prospect in 2020.
A high-resolution magnetometer and SkyTEM electromagnetic survey was recently conducted on the property, with the results still pending.
Forty Pillars says the results will greatly aide in drill targeting once received. The prospective targets range from 1 150 m to 1 750 m in elevation with the lower targets amenable to an early and extended field season.
Additionally, Forty Pillars has arranged a private placement financing of up to fifteen-million units at $0.10 apiece for gross proceeds of up to $1.5-million.
The proceeds raised will be used to finance the purchase of the Wishbone project and for general working capital purposes.