A lot of exploration is about looking for pointers, for clues, as to where a deposit might be. For Canadian Orebodies, a train of boulders, a number of which had high-grade gold mineralization pointed in a particular direction. If you look at the map above you can spot the boulder train. Angular boulders which suggest that the source is not far away.
If you follow the boulder train “up ice” – because the boulders were almost certainly the result of glaciation – you will see what Gordon McKinnon and his team at Canadian Orebodies have been quietly working on for the past nine months. The acquisition of the “Century Mining Claims”. It was not straightforward.
“Century Mining was in bankruptcy,” said McKinnon. “And Teck Resources held a bunch of rights including the right of first refusal and a back-in right. There were also two prospectors who had a 3% Net Smelter Royalty, which made for a drawn out five-party negotiation. After nine months of discussions, we managed to get Teck to give up its rights in exchange for a 0.5% NSR, and we negotiated a royalty buy down with the prospectors. Eventually, we got what we wanted and we finalized the acquisition of the property.
In the February 20, 2018 press release announcing the acquisition McKinnon stated, “The Goodchild Lake acquisition covers a highly prospective property that hosts numerous high grade historical showings.
Due to the bankruptcy proceedings these claims have not seen any follow up exploration in over a decade and a half. With this acquisition the Company has solidified its land position in the area, which will allow for an aggressive and systematic 2018 exploration program of this gold bearing system.”
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