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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:
- 3Ace's 2012 exploration program will include 3,000 metres of diamond drilling, as well as additional surface exploration, including trenching, sampling prospecting and mapping
- Prospecting in 2011 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 -- 90% of the property remains to be explored.
- Excellent property location, adjacent to an all-weather road and 40 km from the Cantung Tungsten Mine.
Work Program 2012:
The 2012 exploration program at 3Ace will include 3,000 metres of diamond drilling, as well as additional surface exploration, including trenching, sampling prospecting and mapping. The 2012 drilling program is designed to both expand the Main Zone mineralization and to further evaluate the kilometres of gold-in-soil anomalies that remain to be drill tested.
The drilling will commence in early June, and will initially focus on expanding the Main Zone along strike and down-dip. Gold mineralization at the Main Zone currently has a drilled strike length of 220 metres, and is related to a steeply dipping shear zone which hosts an en echelon array of vein segments that are linked by stockwork veins and breccias. The drill will then shift focus to testing a number of new gold targets on both 3Ace (extensive gold-in-soil anomalies over an area of 9 km2) and the adjacent Sprogge property (hosting a 3 km trend of mineralized occurrences and extensive hydrothermal alteration).
Option Agreement:
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 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.
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