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Monroe
Overview
In 2016, the Company acquired an option to earn an undivided 50% interest in the Monroe project located 20km south of Cranbrook, British Columbia. The Monroe claims are centred over the Southern extension of the Sullivan Mine Corridor, 40 km south of the world class Sullivan lead-zinc-silver mine.
The Sullivan Mine was located at the top of the Lower Aldridge Formation where the corridor links to a basin transform fault feature known as the Kimberly Fault. At Monroe, the Sullivan Corridor is linked to the Moyie Fault forming a mirror image of the Sullivan structural linkage.
To date, the Company has discovered a new zone of stratabound lead/zinc mineralization hosted within the Sullivan Mine stratigraphic sequence. The property has striking similarities in volume of alteration, depositional environment and structural and stratigraphic setting to the Sullivan Mine although no economic amounts of lead or zinc have been discovered. Upon examination of previous drilling, it has been determined that a restricted third-order basin is present in the area around drill holes HWY 17-003 and HWY 18-007. The Company intends to deepen these holes as geological examination has concluded that they are presently terminated above the prospective Sullivan horizon in the hanging wall infill sequence.
In 2016, John Leask and Gordon Leask granted the Company an option to earn an undivided 50% interest in the Monroe property. In order to exercise the option, the Company must make annual optional exploration expenditures totalling $3 million over the next four years. Upon exercise of the option, the Company and the vendors will form a joint venture to further advance the exploration and development of the project, with the vendors holding operatorship. Given the non-arm’s length nature of the transaction, the Company received approval from a majority of disinterested shareholders as well as the TSX Venture Exchange.