The Todd Creek property is located approximately 35 km northeast of Stewart, in the Skeena Mining Division of northwestern BC. The property comprises 30 claims covering 12,222 ha. Click here to view location map & site photos.
This zone is located approximately 350 m north-northeast of the Bow 31 Zone. Brucejack Gold discovered mineralized outcrops on both sides of Todd Creek over a distance of about 200 m. Silver values typically range from 34-343 g/t. The highest grade mineralization occurs on the east side of the creek, and is hosted by a hematite-chlorite altered felsic tuff. The mineralization comprises a 20-30 cm wide stockwork of quartz, barite and carbonate containing 15% pyrite as disseminations and stringers. An historic sample of this mineralization assayed 2,262.9 g Ag/t. Immediately west of this showing on the west bank of the creek, an historic grab sample reported 0.14 g Au/t, 233.1 g Ag/t and 0.54% Pb.
TopGoldeye can earn a 100% interest, subject to a 2.5% NSR royalty according to the following:
Payments of $250,000 over 6 years (to 2011, including $15,000 already paid and $25,000 due on October 31, 2006),
Issue 250,000 shares over 6 years,
Spend $1,500,000 on exploration over 5 years, and
NSR royalty can be purchased for $750,000 per each 0.5%.
Polar Star has an option to earn a 50% interest in the Todd Creek property from Goldeye. As such, Polar must make cumulative cash payments totaling $177,500 prior to October 31, 2011. As well, Polar must issue a cumulative total of 140,000 shares to Goldeye by October 31, 2011. Additionally, Polar commits to cumulative exploration expenditures totaling $750,000 by October 31, 2011. Polar can earn an additional 10% interest in the property by incurring an additional $1,000,000 in exploration expenditures once the 50% interest has been earned.
TopToronto, ON, April 8, 2008: Polar Star Mining Corporation (“Polar Star” or the “Company”) announces an Agreement effective April 3, 2008, granting to Intuitive Exploration Inc. (“NTX”) an exclusive right and option to earn up to a 70% ownership interest in the Todd Creek Property (the “Property”) located near Stewart in Northwestern British Columbia. The Agreement is between Polar Star and Goldeye Explorations Limited (the “Optionees”), NTX and Geofine Exploration Consultants Ltd. (“Geofine”).
NTX may acquire the following ownership interests in the Property by incurring the exploration expenditures by the dates shown in the table:
Due October 31 |
Exploration Expenditures |
2008 |
$ 2,000,000 |
2009 |
$ 1,500,000 |
2010 |
$ 1,500,000 |
Upon incurring exploration expenditures of $2,500,000, NTX will acquire a 51% interest in the property, with the Optionees retaining a 49% interest. By incurring further expenditures of $1,500,000 and $1,000,000, NTX will earn cumulative interests of 60% and 70% respectively (the corresponding interests of the Optionees will be 40% and 30%). In addition, NTX agreed to make cash payments up to an aggregate of $180,000 and to deliver up to 170,000 shares of NTX to Geofine.
The parties also acknowledged that the expenditure requirement of $1.5 million made under the original agreement between Geofine and Goldeye dated December 6, 2005 has been fulfilled. The Optionees and NTX retain reciprocal rights of first offer if either party wishes to sell, assign or transfer any of its interest in the Agreement to a third party.
Intuitive Exploration Inc. is a private exploration company recently incorporated in British Columbia.
TopT.J. Beesley, P.Eng. of T.J. Beesley Geological Services Inc., Toronto, Ontario, was retained by Polar Star to assess technical data and conduct data verification in order to recommend ongoing programs for exploration for gold and copper in the Stewart Gold Camp, Skeena Mining Division, Northwestern British Columbia-NTS 104 A/04, 05.
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