CANEX has an option to acquire a 100% interest in 4 mineral exploration properties in British Columbia from Altius Resources Inc. (“Altius”), a wholly held subsidiary of Altius Minerals Corp (TSX:ALS). The portfolio of British Columbia projects ranges from early stage to more advanced properties, and comprises high and low sulphidation epithermal targets, porphyry Cu-Au targets, and mesothermal gold targets. The projects are Echo, Fulton, Red, and Beal and their locations are shown on the map below.
Echo – Fulton – Beal - Red Projects
The Echo, Beal, Fulton, and Red Projects are all early stage projects that require additional fieldwork to advance to the trenching or drill stage. To Earn a 100% interest in the projects CANEX must spend a minimum of $30,000 on exploration within 15 months, and for each project issue to Altius 500,000 CANEX shares. Altius will retain a royalty and a milestone bonus on each.
The Echo Project targets mesothermal (orogenic) gold mineralization within a till covered area which has seen very little historic exploration. The claims are centered over a cluster of 90 to 99 percentile gold in lake sediment anomalies and are in proximity to known placer gold occurrences. The claims cover 7.5 kilometres of strike length over an inferred covered shear zone known to host alteration and lode gold mineralization 20 kilometres to the northwest. In 2017 Altius discovered a low-level gold in soil anomaly over a 300 metre by 500 metre till covered area at Echo. This anomaly remains open for expansion and most of the 7.5 kilometre strike length of the inferred shear zone remains unexplored. CANEX plans to initiate soil sampling and mapping at Echo in 2018.
The Fulton Project contains a large airborne potassium, magnetic, and Th/K ratio anomaly identified in the 2017 Geoscience BC Search Phase II geophysical survey, located within an area prospective for Cu-Au porphyry mineralization. In 2017 field work by Altius identified porphyritic intrusions, alteration zones, and discovered a new zone of copper mineralization which returned composite grab samples from outcrops of 0.48% Cu and 6.8 g/t Ag over 2 metres, and 0.15% Cu over 4 metres. Further prospecting, mapping and sampling at Fulton is planned for summer 2018.
The Red Project contains a large high-level alteration system considered prospective for high sulphidation epithermal mineralization, porphyry Cu-Au mineralization, and peripheral gold-silver base metal veins. A large gossanous alteration zone is well exposed over an area 1.5 by 1 kilometres at Red. Soil sampling by Altius in 2017 identified a low level Au-Te-Mo-As soil anomaly overlapping the zone of alteration and this anomaly remains open for expansion. Historic exploration 1.5 km southwest of the exposed alteration zone identified vein and stockwork mineralization within a creek bed. Historic drilling from this zone returned an intersection of 6.93 g/t Au and 34.6 g/t Ag over 0.53 metres. Historic work has traced this vein and stockwork zone over about 1000 metres of strike length. The next phase of exploration at Red is being evaluated.
The Beal Project is centered around a government survey sample that returned a 99.97 percentile gold in stream sediment anomaly within a geologic and structural setting favorable for mesothermal (orogenic) gold mineralization. Grass roots exploration by Altius has confirmed anomalous gold in stream silt samples, located patchy low-level gold in soil samples, and has narrowed the prospective source area for gold at the target. Further evaluation at Beal this summer will include prospecting, mapping and sampling.