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Minerals: |
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Gold |
Location: |
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Southeastern Yukon, 160 km North of Watson Lake; adjacent to the Nahanni Range Road |
Area: |
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50,000 acres |
Ownership: |
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Under option to earn into a 100% interest |
Project Highlights:
- $6 million exploration program in 2011 at 3Ace is now complete.
- Results from 9 of 29 drill holes are still pending at 3Ace (as of December 2011).
- Primary focus of 2011 drilling was the Main Zone, plus three additional targets were tested.
- Prospecting in 2011 has identified nine additional new mineralized occurrences on 3Ace, and a new 3 km trend of alteration and sulphide mineralization on Sprogge (adjacent property).
- Key results from 2011 drill holes at reported at 3Ace (to December 2011):
- 3.75 g/t gold over 13.2 metres, including 10.5 g/t gold over 2.4 metres
- 2.51 g/t gold over 27.2 metres, including 6.80 g/t gold over 9.0 metres
- 4.61 g/t gold over 35.0 metres, including 106.21 g/t over 1.0 metre
- 1.25 g/t gold over 30.5 metres, including 3.11 g/t gold over 6.8 metres
- 3.15 g/t gold over 27.9 metres, including 45.22 g/t gold over 1.3 metres
- Significant land position expansion at the 3Ace Property: total claim block (including Sprogge) is now in excess of 225 km2.
- Excellent property location, adjacent to an all-weather road and 40 km from the Cantung Tungsten Mine.
History
Northern Tiger optioned the 3Ace Property in April 2010 from Alex McMillan, a long standing Yukon prospector who discovered a quartz vein on the property containing abundant quantities of free gold.
The property was initially explored by Hudson Bay Exploration in the late 1990's, resulting in the delineation of several large anomalies (up to 400 metres by 400 metres) with gold-in-soil values ranging up to 1,300 ppb.
Option Agreement:
The agreement provides Northern Tiger an option to earn a 100% interest in the property. To complete the option, Northern Tiger will be required to make cash payments of $500,000, issue 2,000,000 shares and incur $700,000 in exploration expenditures, all over a four year period. An annual advance royalty payment of $45,000 will start on the 5th anniversary of the agreement and continue until the commencement of commercial production.
The Vendor will retain a 2% net smelter return interest (NSR) on the property. If a National Instrument 43-101 compliant resource estimate in excess of 500,000 ounces of gold at a grade greater than 5 g/t is defined on the property, the Vendor's NSR will increase to 2.5% and the vendor will receive a bonus payment of $300,000 (in cash or equivalent Northern Tiger shares). If a National Instrument 43-101 compliant resource estimate in excess of 1,000,000 ounces of gold at a grade greater than 5 g/t is defined on the property, the Vendor's NSR will increase to 3.0% and the vendor will receive an additional bonus payment of $300,000 (in cash or equivalent Northern Tiger shares). Each 1% of the NSR can be purchased by Northern Tiger for $2,000,000.
Work Program 2011:
A $6 million exploration program was recently completed and results are pending for 8 of 29 diamond drill holes at 3Ace. A new 1,500 metre by 250 metre gold-in-soil anomaly (the Kaiser Trend) has been identified, and the Green Zone East target has been expanded to 1,250 metres by 500 metres. A number of gold-in-soil anomalies have been traced directly to proximal outcrops of quartz pebble conglomerate containing gold-bearing quartz veins. The new Kaiser Trend and expanded Green Zone East represent important new exploration targets.
Summary of Sleeping Giant Chip Samples
| Sample Numbers |
Length of Continuous
Chip Sample
(metres) |
Weighted Average
Gold Assay
(grams/tonne) |
| RI480168, RI481508 |
2.1 |
23.96 |
| RI481570 |
2.0 |
23.48 |
| RI481563 |
2.0 |
11.94 |
| RI480176 |
1.5 |
11.54 |
| RI481557 to RI481559 |
6.0 |
11.34 |
| RI481547 to RI481550 |
8.6 |
7.55 |
| RI481554 to RI481556 |
6.0 |
6.78 |
| RI481571 to RI481572 |
4.0 |
4.81 |
| RI481534 to RI481535 |
3.7 |
2.91 |
| RI481573 to RI481575 |
6.0 |
1.57 |
| RI480171 |
1.2 |
1.26 |
| RI481552 to RI481553 |
2.7 |
0.96 |
| RI481546 |
1.0 |
0.80 |
| RI481576 to RI481577 |
4.0 |
0.66 |
| RI481566 to RI481569 |
8.0 |
0.18 |
| RI481561 to RI481562 |
3.4 |
0.17 |
| RI481537 to RI481541 |
10.3 |
0.15 |
| RI481543 to RI481545 |
5.9 |
0.14 |
| RI480177 |
1.2 |
0.13 |
| RI481564 |
2.0 |
0.11 |
| RI481560 |
1.5 |
0.10 |
| RI481542 |
2.5 |
0.05 |
| RI481536 |
2.0 |
0.03 |
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