VANCOUVER, BC, Feb. 23,
2023 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("SKRR" or the "Company") is pleased to
announce that it has completed the earn-in requirements to hold a
75% interest in the Olson property (the "Olson Project") and
an undivided 100% interest in the Cathro property (the "Cathro
Project") from Eagle Plains Resources Ltd. (TSX-V: EPL)
("EPL"). EPL will retain an underlying 2% NSR on the Cathro
Project. The Olson Project area covers 11,219 hectares located
within the Trans Hudson Corridor, 20km northwest of Deschambault Lake, Saskatchewan and 80km south
of SSR Mining's Seabee Gold Operation. The Cathro Project area
covers 3,277 hectares located approximately 50km northeast of
La Ronge, Saskatchewan.
Sherman Dahl, President & CEO
of SKRR commented:
"The completion of both the Olson Gold
Project and the Cathro Gold Project option exercise requirements
demonstrates our long-term commitment to precious metals in the
under explored, but highly mineralized province of Saskatchewan. In addition, SKRR is committed
to the exciting battery metals sector. Our nickel exploration
portfolio has also grown and the highly experienced team at SKRR is
exploring other options to add to the battery metals portfolio in
2023."
About the Olson Project
The Olson Project area overlies regionally sheared, highly
strained meta-volcanic and intrusive rocks which are considered to
be prospective for orogenic gold mineralization. The Olson Project
are is host to 29 mineral occurrences defined by historical
geological mapping, prospecting, trenching and 4700m of diamond drilling, with the last drilling
by third party operators reported in 2008. Historical drilling at
Olson Lake intersected 7.5 m grading
2.07 g/t Au including 13.00 g/t Au over 0.65
m, and grab samples of up to 105.52 g/t Au have been
collected at the Kalix occurrence. 2018-2019 fieldwork completed by
EPL and a previous partner consisted of a detailed compilation of
historical data, geological mapping, soil geochemical work and
prospecting. The fall 2020 drill program by SKRR at the
Olson Zone intersected significant gold mineralization
including new discoveries at the previously undrilled Point,
Jena and Michael's Lake Zones, high grade
mineralization in a step out hole at the historic Olson showing and
wide intercepts of near surface mineralization at the Siskin
Zone. Follow-up drilling in 2021 extended known mineralization at
historical occurrences and resulted in a new gold discovery at the
previously undrilled Ackbar Zone. To date, SKRR has
conducted 3 drill programs at Olson; the first program was
conducted in October 2020 followed by
a second phase drilling program in March
2021 and a third phase program in February 2022. Drilling summary and assay results
for all 3 programs have all been disclosed in news releases between
October 2020 to May 2021.
About the Cathro Project
The 3,277 ha Cathro Project covers a suite of LaRonge Greenstone
Belt volcanic rocks known to host structurally-controlled gold
mineralization including the historic Contact Lake Deposit (SMDI
0619), located approximately 10km south of the property. The first
mineralization in the area was identified by prospectors in 1958.
During the 1960's Great Plains identified Au-bearing quartz shears
associated with metavolcanic rocks. They completed airborne
electromagnetic and magnetic geophysical surveys, followed up by
geological mapping and trenching and a shallow 7-hole diamond
drilling program. The area was mostly dormant until the late 1980's
when Cogema became active in the area. The last significant work
program was in 1994 by Uranerx Exploration who identified a number
of target area using soil sampling and prospecting. There are four
documented gold occurrences within the claim boundaries. Vidgy Lake
(SMDI 2294) has seen the most historic work. The Vidgy Lake
mineralization is associated with a 100m-wide by 2km- long shear zone developed along
an intrusive –metavolcanic contact.
In June 2022, SKRR completed a
geological mapping and sampling program on the Cathro Project.
Lithological data was collected from eight locations, along with 47
rock samples. Additionally, 430 soil samples were collected from 15
east-west trending soil lines, with samples spaced 25 m apart. Soil samples returned gold
values ranging from 0.1 to 320 ppb Au. The most significant
values were obtained between 230m to
1200m north-northwest of the Vidgy
zone. Of the 47 rock samples collected, the highest gold
(2,490 ppb), silver (4.59 ppm) and copper (5,400 ppb) were returned
from sample MHCTR009, which sampled a granodioritic unit cross-cut
by a 2-5cm wide quartz vein near the Bartlett Lake showing.
Overall results show a number of anomalous areas in several areas
of the property, and further follow-up work of mapping and
sampling, followed by drilling is recommended.
Terms of the Option
Agreements
Pursuant to the Olson option agreement between SKRR and EPL
dated October 24, 2019 (the "Olson
Agreement"), SKRR acquired an initial 51% interest in the Olson
Project by making certain staged cash payments, share payments of
common shares in the capital of SKRR to EPL and exploration
expenditures over a period as follows: (i) $10,000 in cash upon execution of a letter of
intent; (ii) $20,000 in cash and
200,000 common shares upon TSX Venture Exchange (the
"Exchange") approval of the Olson Agreement; (iii)
$40,000 in cash, 200,000 common
shares and $200,000 in exploration
expenditures on or before December 31,
2020; (iv) $80,000 in cash,
200,000 common shares and $500,000 in
exploration expenditures on or before December 31, 2021; and (v) $100,000 in cash, 200,000 common shares and
$800,000 in exploration expenditures
on or before December 31, 2022. SKRR
acquired an additional 24% (75% total) interest in the Olson
Project by making additional exploration expenditures of
$1,500,000 on the Olson Project and
issuing 200,000 common shares of SKRR to EPL.
Pursuant to the Cathro option agreement between SKRR and EPL
dated February 10, 2020 (the "Cathro
Agreement"), SKRR acquired an undivided 100% interest in the Cathro
Project by making certain staged cash payments and share payments
of common shares in the capital of SKRR to EPL over a period as
follows: (i) $4,000 in cash and
250,000 common shares upon Exchange approval of the Cathro
Agreement (the "Approval Date"); (ii) 250,000 common shares
on or before the first anniversary of the Approval Date; (iii)
100,000 common shares on or before the second anniversary of the
Approval Date; (iii) 100,000 common shares on or before the third
anniversary of the Approval Date; (iv) 100,000 common shares on or
before the fourth anniversary of the Approval Date; and (v) 100,000
common shares on or before the fifth anniversary of the Approval
Date. Eagle Plains will retain an underlying 2% NSR on the Cathro
Project.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Ross McElroy P.Geo, a director of the Company
and a "Qualified Person" as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
About SKRR Exploration
Inc.:
SKRR is a Canadian-based precious mineral exploration company
with properties in Saskatchewan -
one of the world's highest ranked mining jurisdictions. The primary
exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class
deposits. The Trans-Hudson Orogen - although extremely well
known in geological terms has been significantly under-explored in
Saskatchewan. SKRR is
committed to all stakeholders including shareholders, all its
partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, statements that address work
on the Olson Project and the Cathro Project, other statements
relating to the technical, financial and business prospects of the
Company, its projects and other matters. All statements in this
news release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future, including the price of metals, the
ability to achieve its goals, that general business and economic
conditions will not change in a material adverse manner, that
financing will be available if and when needed and on reasonable
terms. Such forward-looking information reflects the Company's
views with respect to future events and is subject to risks,
uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration
results, risks related to the inherent uncertainty of exploration
and cost estimates and the potential for unexpected costs and
expenses, and those filed under the Company's profile on SEDAR at
www.sedar.com. Factors that could cause actual results to differ
materially from those in forward looking statements include, but
are not limited to, continued availability of capital and financing
and general economic, market or business conditions, adverse
weather conditions, equipment failures, failure to maintain all
necessary government permits, approvals and authorizations,
decrease in the price of gold, nickel and other metals, the impact
of Covid-19 or other viruses and diseases on the Company's ability
to operate, failure to maintain community acceptance (including
First Nations), increase in costs, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or
forward–looking information, except as required by law.
SOURCE SKRR EXPLORATION INC.