TerraX Minerals is entering into an agreement to acquire the Ptarmigan Mine property.
The old Mining area is found within TerraX’s Eastbelt property, Yellowknife City Gold Project.
The Ptarmigan property consists of a mineral lease and a mineral claim totalling 47 hectares. TerraX is not liable for any remediation of the previous mine site. The option agreement is for a 100% interest in the property with a total of $5 000 in cash payments, payable on TSX-V approval of the option agreement; and a total of 40 000 TerraX shares issued on approval of the option agreement.
Ptarmigan was a gold producer in the Yellowknife gold district from 1941-1942. It re-opened briefly in 1983 and then ran from 1985-1997. When the mine closed in 1997, the vein was still open along strike to the west on claims now owned by TerraX, and open down dip below the mine workings.
Joe Campbell, CEO of TerraX, says the purchase extends the companies coverage.
“This [acquisition] provides an opportunity not only to extend the mineralization below and along strike of the main vein at the mine, but also offers opportunity to explore parallel vein systems discovered south of the main vein and reported in historical documents and identified as potential production areas. With paved road access from Yellowknife, and high-tension powerlines connected to the former mine site, Ptarmigan, with exploration success, could easily be brought back to life.”
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- TERRAX TO SPEND $40M ON YK CITY GOLD PROJECT OVER 3 YEARS
The purchase of the Ptarmigan Mine is one of several acquisitions TerraX has made in the last few years. Most recently, the company bought what remained of the Burwash Mine in Yellowknife.
