Copper Quest Exploration has announced an arms-length option to purchase agreement to acquire the Alpine Gold mine in British Columbia, Canada, from 0847114 BC (Privco).
Privco will provide Copper Quest with a 100% ownership, title and interest in the Alpine Gold property under the agreement.
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The Alpine Gold property, located in the West Kootenay region, is supported by a 2018 NI43-101 inferred resource estimate of 268,000 tonnes (t), calculated using a cut-off grade of five grams per tonne (g/t) of gold and an average grade of 16.52g/t of gold.
This represents an inferred resource of 142,000oz of gold.
There is significant opportunity to expand the maiden Alpine resource, both along the east-west strike and at depth, as only around 300m of the approximately 2km-long vein system has been explored to date through underground workings and drilling.
The property also contains an estimated 24,000t run of mine mineralised stockpile on the surface, which may offer a near-term cash flow opportunity.
The site features 1,650m of clean and dry underground workings that provide access to sampled and mineable zones.
The Alpine Gold property covers more than 4,611 hectares, is accessible by road, and consists of 15 Crown Grants (one with surface rights) and 19 staked mineral claims.
Designed for year-round operations, the property offers logistical advantages for exploration and mining activities.
Located approximately 20km north-east of the city of Nelson, the property encompasses a former operating underground mine.
Historical records indicate production of approximately 16,810t of mineralised vein material, which yielded 356,360g of gold, 222,054g of silver, 49,329kg of lead and 17,167kg of zinc.
Further exploration is planned for the other four significant vein systems on the property.
These include the Black Prince and Cold Blow quartz veins, located around 3km north-east of the Alpine mine, the Gold Crown vein system 600m south-east and the past-producing King Solomon vein workings 1.8km to the south.
Upon closing of the transaction, Copper Quest will appoint the principal owner of the Alpine Gold property, Allan Matovich, to its Board of Directors, and Ted Muraro and John Mirko as technical advisors.
Copper Quest president and CEO Brian Thurston said: “With gold prices at all-time highs, the Alpine Gold property creates a tremendous opportunity to create near-term value. I look forward to closing the transaction and welcoming Mr Matovich, Mr Muraro and Mr Mirko to the team.”
Last month, Copper Quest Exploration signed a definitive agreement to acquire a 100% interest in the Kitimat copper-gold project in British Columbia.
