Big Frank Property
The Big Frank Property (9,470.8 hectares) covers a 20-kilometre-long favourable geological trend and is located approximately 285 kilometres northwest of Vancouver or alternatively about 30 kilometres north of the head of Knight Inlet with logging roads occurring in the western portions of the property. Five principal target areas include:
- Redbreast/Sawyers Grid/ Hannah/Big Frank/Discovery – the area has been variously named and at times only partially held and explored by respective parties. Significant ice retreat continues to expose the westward expansion of alteration over the Redbreast area with numerous copper and molybdenum talus fine samples (up to 1000 ppm copper and 1000 ppm molybdenum) and sporadic rock gold anomalies up to 11.2 g/t Au. Further to the east at the Hannah/Saffron/Big Frank epithermal style veins are noted. A select grab sample from here assayed 126 grams per tonne gold and over 1 per cent copper, and a 2-metre channel sample averaged 85 grams per tonne gold and 51 grams per tonne silver, and over 1 per cent copper. Drilling in 1988 (9 drillholes totalling 984 m) returned sporadic results up 53 ounce per ton gold and 4.3 % copper over narrow intervals. Numerous untested EM anomalies were noted and obvious propylitic (chlorite) alteration is noted in the satellite imagery to the NE. (Source: BC Minfile 092N 028: Hannah 8 and B.C Assessment Report 18,202: Geology and Gold Potential of the Hannah 1- 11 Claims for United Pacific Gold Ltd by M.P Twyman & F.D Fergeron, 1988).
- Hoodoo Creek North – a 1 km2 open-ended historical soil anomaly (> 100 ppb Au, >500 ppm Cu, > 8 ppm Ag and > 25 ppm Mo) is noted in reports by Amax Corp. in 1978 and has only seen two incomplete drillholes completed the following year. Alteration viewed in satellite imagery appears to show room to grow this geochemical anomaly particularly to the north towards the Darlene Minfile occurrence and along other structures mapped to the northeast. (Source: B.C Minfile: 092N029: Hoodoo North).
- Confederation Glacier– a 1-kilometre-wide alteration zone is noted on the northern edge of the Confederation Glacier with the collection of 22 talus fines collected at 50 m intervals returning up to 1550 ppb Au, 318 ppm Cu and 11.2 ppm Ag (Source: B.C Assessment Report 31,228: Preparatory Geological & GIS Compilation Studies on the LR Project for United Exploration Management by Carl Von Einsiedel, 2009).
- Breccia – extensive alteration is observed in satellite imagery between the Redbreast and Lancer’s Mountain area and appears to have seen little to no exploration perhaps because the area is just recently free of snow and ice. Further to the south and west of the Redbreast Area the GR 16-18 series rock samples have returned up to 0.16 g/t Au and 0.17 % Cu. (Source: B.C Assessment Report 31,228: Preparatory Geological & GIS Compilation Studies on the LR Project for United Exploration Management by Carl Von Einsiedel, 2009).
- Hoodoo South: between 1977-1982 Amax outlined molybdenite and copper mineralization over an area of 500 m x 500 m (Source B.C Minfile 092N 034: Hoodoo South).
Goldstorm South Property
The Goldstorm South Property (2,448.8 hectares) covers an 8-kilometre-long alteration trend and is located 170 km southwest of Williams Lake or alternatively 75 kilometres east of the Big Frank Property (see Figures 1 & 2) and has road access to within four kilometres of the property. Exploration in the vicinity of the Goldstorm South Property was prompted in the 1960’s by the sighting of large rusty gossans and at least seven documented copper and gold mineral showings (Nuit Mountain, Down’s Showing, Fly, Harvey Gold, Fly Creek, Rusty and Anthony). Examples of know mineralization include a composite sample of well-mineralized rocks collected in 1972 along the length of the Fly showing which averaged 0.677% copper over 200 m.
At Harvey Gold located 1200 m northeast of the Fly Showing several historical samples were taken with the two best yielding 0.159 and 0.746 g/t gold with subdued copper. At an unnamed occurrence quartz vein float, was found in 2006 within the main south-flowing creek on the property and returned 4.96 g/t gold. Much of the historical work at Goldstorm focused on the well-exposed gossans along ridges but recent programs (>2007) obtained strong copper and gold geochemical results from heavily vegetated, and overburden-covered slopes at lower elevations. The last field program completed in 2016 recommended additional work to follow up geophysical and geochemical targets, many of which received little or no systematic evaluation. (Sources: B.C Minfile and B.C Assessment Report 35815: Geochemical Sampling and Prospecting at the Buzz Property for Strategic Metals by A. Mitchell and H. Burrell, 2016).
Both the Goldstorm South and Big Frank Properties exhibit widespread alteration and copper-gold mineralization, previous mineral showings and favourable geological trends over 8-20 km trends and offer district-scale potential. They are both relatively underexplored and have seen no systematic or modern exploration within the last few decades whilst glacial retreat continues to make new exposures in the case of Big Frank. Previous exploration programs have discovered significant copper and gold values and recommended further work. Under the terms of the Agreement, Goldplay has agreed to incur $25,000 in expenditures on Goldstorm and $50,000 of expenditures on Big Frank on or before December 31, 2021 with the intention of preparing NI 43-101 technical reports on both Properties.
Terms of Agreement
Under the terms of the Agreement with Cazador Resources, Goldplay may acquire a 100% interest in the Properties by completing the following work commitments on the Properties and by making the following cash and share payments:
BIG FRANK PROPERTY
|Within 1 Year||$350K||140K||$40K|
|Within 2 Years||$600K||600K||$100K|
|Within 3 Years||$2.0M||1.2M||$150K|
|Within 4 Years||$4.0M||2.0M||$400K|
GOLDSTORM SOUTH PROPERTY
|Within 1 Year||$175K||100K||$20K|
|Within 2 Years||$300K||300K||$50K|
|Within 3 Years||$1.0M||600K||$75K|
|Within 4 Years||$2.0M||1.0M||$200K|
Upon completion of all commitments, Goldplay will own 100% of the Properties. Goldplay has the option to acquire either Big Frank or Goldstorm or to acquire both Properties concurrently or successively. Cazador Resources Ltd. will retain a 2 % NSR on each Property half buyable for $5M each. Advance royalty payments of $25K a year for Goldstorm South and $50K a year for Big Frank will become due starting in Year 5.