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Junior Sells Yukon Projects To Focus on Golden Triangle

Source: Streetwise Reports   09/22/2022

StrikePoint Gold Inc. is selling its Yukon Territory properties so it can better focus on its flagship…

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This article was originally published by The Gold Report

Source: Streetwise Reports   09/22/2022

StrikePoint Gold Inc. is selling its Yukon Territory properties so it can better focus on its flagship Porter and Willoughby projects in the Golden Triangle.

StrikePoint Gold Inc. (SKP:TSX.V; STKXF: OTCQB) is selling its Yukon Territory properties to better focus on its Porter silver and Willoughby gold and silver projects in the Golden Triangle in British Columbia.

After the news, technical analyst Clive Maund rated StrikePoint an “immediate speculative Buy.”

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The company has signed a definitive agreement with Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB) to divest 10 different properties in the Mayo and Watson Lake mining districts.


After the news, technical analyst Clive Maund rated StrikePoint an “immediate speculative Buy.”

The company’s six-month chart shows that after a “dramatic run” on strong volume at the end of July, the volume has dropped back, and the accumulation line has remained buoyant, he said.

“This suggests renewed advance and, in fact, it has already broken out of the countertrend Flag by moving sideways over the past week or two,” he wrote on this week. “So it looks like it will get moving anytime now and especially when the pressure comes off the sector.”

Snowline said it has doubled its Selwyn Basin holdings to about 254,000 hectares through the purchase and targeted staking.


Snowline will pay StrikePoint CA$500,000 in cash and 500,000 Snowline shares valued at CA$1.38 million for the properties.

StrikePoint is wrapping up its 2022 3,000-meter drilling campaign at Porter and Willoughby in British Columbia. To date, it has collected 1,382 core samples and collected 203 surface samples with assays pending.

A National Instrument 43-101 technical report estimated Porter has 11 million ounces silver (Moz Ag) at a grade of 868 grams per tonne (g/t) and inferred resources of 1.7 Moz Ag at a grade of 595 g/t. StrikePoint called the estimate “historic.”

StrikePoint has positioned itself as a shareholder to benefit from Snowline’s work in the Yukon “while remaining focused on advancing our Golden Triangle properties,” StrikePoint Chief Executive Officer and Director Shawn Khunkhun said.

The divested properties included Golden/Nug/Oly, Can East, Horn, How, MacEast, Nordic, Otter, PPM, TET, and Tintina, StrikePoint said.

“Our drill discoveries provide strong proof of concept for the gold potential of this part of the Selwyn Basin,” Snowline Chief Executive Officer and Director Scott Berdahl said. “Acquisition of the Yukon exploration property portfolio from StrikePoint Gold (adds) significantly to our exploration pipeline.”

The Catalyst


For StrikePoint, the sale enables it to focus on its Golden Triangle properties, which are in a very good neighborhood. The area has hosted more than 100 years of mining and is the home of the highest-grade mine ever found in North America, Barrick Gold Corp.’s (ABX:TSX; GOLD:NYSE) past-producing Eskay Creek.

Eskay produced 3.3 Moz gold at an average grade of 45 g/t and 160 Moz silver at an average grade of 2,220 g/t over 14 years.

The company has found a massive new sulfide mineralization that was previously under ice at the Edge zone. 




Porter hosts two mines: Prosperity-Porter Idaho and Silverado. The company plans to use the drill results to extend the historical resource estimates.

“We’ve got parts of the property that we think are the source of the mineralization,” Khunkhun told Streetwise Reports. “Essentially, we want to kind of find the guts of the whole mineralizing system.”

Company Is ‘Laser-Focused’


The Porter project has two shears-hosted silver-rich vein systems, according to the company. They are 2.35 kilometers apart on the opposite sides of Mt. Rainey, which overlooks the town of Stewart. The company wants to see if these veins connect through the mountain and if a network of underground workings in the mountain can be rehabilitated to use for further exploration and drilling.

StrikePoint acquired Willoughby, which is about 6 kilometers east of Ascot Resources Ltd.’s Red Mountain, in 2019 for $85,000. According to the company, 119 holes were drilled at Willoughby, totaling 12,000 meters, between 1989 and 1996. Underground exploration also has been undertaken.

The company has found a massive new sulfide mineralization that was previously under ice at the Edge zone. Surface chip channel samples in 2021 returned 8.59 g/t gold equivalent (AuEq) over 3 meters, 4.74 g/t AuEq over 7 meters, and 3.48 g/t AuEq over 18 meters.

Khunkhun said StrikePoint is drilling 1,400 meters in six holes at the project. They plan to drill northern and southern extensions to the 600-meter trend of mineralized zones along the Willoughby nunatak and to drill for new mineralization to the west of the nunatak trend.

He said the company is “laser-focused” on Porter and Willoughby. The sale of the Yukon properties plays into those long-term goals, which include attracting a major.

“We’re an exploration company,” Khunkhun said. “So the biggest way we can drive value is with the drill bit, making discoveries, growing assets.”

Shareholders and Share Structure


Some of the industry’s biggest players are shareholders in StrikePoint, including Eric Sprott, who owns about 16.5%, and Skeena Resources, which owns 6%. Other institutions with positions include Denver-based Crescat Capital, Vancouver-based Delbrook Capital Advisors, and Calgary-based Middlefield Capital.

StrikePoint’s market cap is CA$16.59 million, with 207.35 million shares outstanding, 156.8 million of them free-floating. It trades in a 52-week range of CA$0.19 and CA$0.05.

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1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: StrikePoint Gold. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

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4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. 

As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Snowline Gold Corp., a company mentioned in this article.

( Companies Mentioned: ABX:TSX; GOLD:NYSE,

ascot resources ltd
strikepoint gold inc
snowline gold corp

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