Gibson Au-Ag Project (BC, Canada)
Canex Metals Inc. ("Canex") (TSX-V:CANX) optioned Altius's 887 hectare Gibson Gold-Silver Project in central BC in April 2017. As consideration, Altius is to receive payments totalling up to 3,545,000 common shares in Canex staged over 18 months (1,125,000 on signing), resulting in a 16.5% equity stake in Canex. A further milestone based share payment of 1,275,000 shares is to be delivered to Altius upon the successful delineation of gold resources on the Gibson project amounting to measured and indicated resources of 1 million ounces gold equivalent. Altius will retain an effective 1.5% NSR royalty and preferential rights on any future royalties or streams granted on the Property as well as a pro rata right to participate in future equity financings of Canex for two years. Canex has committed to fund a minimum of $500,000 in exploration expenditures over the first 18 months.
The Gibson Project features historic channel sampling of quartz breccia veins in altered volcanic rocks that returned values of 12.86 g/t Au and 144.7 g/t Ag over 1.5 meters and 5.35 g/t Au and 2136 g/t Ag over 1.7 meters. A nine-hole drill program reported from 1991 intersected significant and widespread alteration and mineralization with the best reported intersection of 6.77 g/t Au and 1,828 g/t Ag over 4.3 m. No subsequent drilling or trenching has been reported since and the 1.7 km zone remains open.
For a more comprehensive overview of the Gibson Gold-Silver Project and additional technical details please visit Canex's website at http://www.naminco.ca/.