Agreement To Acquire 100% Interest In Gold Jackpot Mineral Property
VANCOUVER - CAT Strategic Metals Corporation has entered into an exploration and option agreement pursuant to an arm's length negotiation with the vendor. Agreement gives the Company exclusive right to acquire a 100% undivided ownership in the Gold Jackpot mineral property over a 4-year period from the effective date. The unpatented lode claims of the Property are located 35 Km southeast of Jackpot and 135 Km. NE of Elko, Nevada, in the Pequop gold-copper Trend.
The Gold Jackpot strategic metals property is in a highly mineralized region and has multiple exploration targets for gold-silver, copper, and tellurium. Gold Jackpot has 3 different types of targets on the Property: 1) a plus-6 Km long Carlin-style gold target along the major regional Stag's Leap range front fault system, with surface rock chip samples that assayed up to 16 grams per tonne gold; 2) a porphyry copper-gold target system that could be overlain by a diatreme copper-gold-silver system that has invaded the surface parts of a wide, major NE-trending fault system. Dikes of feldspar-quartz porphyry and aplitic granite crop out in the area at the surface, suggestive of a porphyry system at depth; and 3) a tellurium-(gold-silver) system whose outcrops have yielded analyses of up to 4 kg/ton tellurium. Tellurium is a key component in the solar panels of NYSE-listed First Solar Corporation.
CAT is targeting profitable, long-term sources of strategic metals for the Alternative Energy future, including Electric Vehicles (EVs) and solar power energy supply metals, as well as gold and silver. A substantial amount of geologic and geochemical data and some drilling data is present from previous studies by other parties. A geophysical overview of the project area was compiled by Wright Geophysics in 2006, and additional work has been completed on the Property by Peloton Minerals and its predecessors. CAT Strategic Metals will compile these data into a GIS database, and its consultants will be completing a 43-101 report that has been started.
The Company will be completing the geologic mapping and geochemical sampling of the Property, and will also conduct a new drone-based magnetic survey, ground gravity, and, as needed, more detailed surveys such as Induced Polarization and CSAMT. These studies will lead to the definition of detailed drilling targets for Carlin-style gold, Porphyry-Diatreme-style Cu-Au-Ag, and for tellurium drilling targets for solar energy materials targeting.
Robert Rosner, CAT's Chairman and CEO, stated, "Nevada has long been known for its great mineral potential and world class deposits. We are extremely pleased to be gaining access to such a strategically well-located property with some very encouraging previous results, and look forward to completing additional work to unlock its full potential. Our highly respected team of geologists and exploration technicians are currently working on a comprehensive exploration plan, and we look forward to hitting the ground running as quickly as possible."