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Wildcat Exploration (TSXV:WEL) signed a non-binding letter of intent with owners of several properties in the in the Pikoo, Saskatchewan area: 100% interest in Copper Reef Mining Corporation’s 2,294 ha., 85% interest in 41,533 ha., comprised of an 80% interest from Strike Diamond Corp. and a 5% interest from Kalt Industries Ltd. In addition, Wildcat will also acquire a 100% interest in two Pikoo area properties totaling 11,843 ha. from Kalt industries. The total Pikoo property package will be 55,670 ha., with majority located contiguous to the southeastern part of North Arrow Minerals’ Pikoo Project. Wildcat will also be acquiring an 85% interest in properties totaling 3,580 ha. in the Fort a la Corne, Saskatchewan area from Copper Reef. As consideration for the diamond properties, Wildcat will be issuing 5,500,000 common shares to Copper Reef, 3,500,000 common shares to Strike Diamond and 2,000,000 common shares to Kalt Industries.
Wildcat also signed a letter of intent with owners of gold properties in the Flin Flon-Snow Lake mining area of Manitoba.
Wildcat has also announced a private placement for $400,000, consisting of both flow through and non-flow through units.
As quoted in the press release:
The proposed acquisitions include a 100% interest in properties totaling 2,294 ha. in the Pikoo, SK area from Copper Reef Mining Corporation (“Copper Reef”). In addition Wildcat will acquire a total 85% interest in an additional Pikoo area property totaling 41,533 ha., comprised of an 80% interest from Strike Diamond Corp. (“Strike Diamond”) and a 5% interest from Kalt Industries Ltd. (“Kalt Industries”). Wildcat will also acquire a 100% interest in two Pikoo area properties totaling 11,843 ha. from Kalt industries.
The Pikoo property package will be comprised of approximately 55,670 ha. in total, with the major portion being located contiguous to the southeastern part of the Pikoo Project JV property belonging to North Arrow Minerals Inc. (“North Arrow”) and Stornoway Diamond Corp. The diamond properties are also located south of the GEFA Option property of Alto Ventures Ltd., west of the Pelican Narrows road.
Pikoo is a new diamondiferous kimberlite district located in central eastern Saskatchewan, associated with the Archean-aged Sask Craton. On November 6, 2013, North Arrow announced the discovery of two distinct kimberlite indicator mineral trains in the area and, in follow-up drilling, the PK 150 kimberlite, which returned 745 diamonds larger than 0.106 mm including 23 diamonds larger than 0.85 mm from a 209.7 kg sample of drill core. More recently, on March 30, 2015, North Arrow announced the discovery of three new kimberlite bodies within their Pikoo property. In addition, other publicly traded companies have identified several distinct kimberlite indicator mineral trains in the Pikoo area.
Wildcat will also acquire an 85% interest in properties totaling 3,580 ha. in the Fort a la Corne, SK area from Copper Reef. These properties will provide Wildcat with a significant presence in the Fort a la Corne-Smeaton area where the Star-Orion South diamond project of Shore Gold Inc. is located.
As consideration for the diamond properties, Wildcat will, subject to regulatory approval, issue 5,500,000 common shares to Copper Reef, 3,500,000 common shares to Strike Diamond and 2,000,000 common shares to Kalt Industries.
Click here to read the Wildcat Exploration (TSXV:WEL) press release
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