Xander Resources Inc. (TSXV:XND) (“Xander” or the Company”) is pleased to announce the acquisition of the Senneville West Property
Xander Resources Inc. (TSXV:XND) (“Xander” or the Company”) is pleased to announce the acquisition of the Senneville West Property (the Property). The Property is contiguous with its Senneville Group of Claims South Property that is North of and contiguous to Probe Metals Val-d’Or East Project, located 20 km North East of Val-d’Or, Quebec (Xander May 28, 2020 release). The Senneville West claim comprises 80 claims which extend from the Eastern arbitrary boundary of Hwy 397, to the northwest for 10km.
The Abitibi Greenstone Belt is renowned for its many gold occurrences and gold mines. In any direction from the Senneville Property, both historic and newly recognized occurrences abound. The same Archean greenstones which underlie the Senneville Group of Claims are cut off at the western end of the Senneville West claim group by the La Corne Batholith. However, they extend in a sinuous, eastward band almost to the Grenville Front and are endowed all along that trend with gold showings and old mines.
The Garden Island sediments underlie the southern extremity of the property. These sediments are predominantly sandstone, siltstone and mudstone, and minor conglomerate. The greater part of the property overlies the Lanaudiere Formation which, within the limits of the property, is comprised of mafic flows and volcanoclastic, and lesser komatiites, gabbros and ultra-mafic sills. All of these units trend to the west- northwest and dip steeply to the north. Numerous west-northwest trending, dextral and reverse dextral faults are present and often coincide with the contacts between sub-units.
Between the years 2006 and 2009, an area roughly corresponding to the present property mainly east of the highway 397, was the focus of a number of airborne and ground geophysical surveys, limited trenching and mapping programs, with the principal target being massive sulphides. There are clusters of airborne anomalies and isolated airborne anomalies which were investigated with only one drill hole or were not drilled at all, due to limited budgets. In most cases the drilling explained the causes of the anomalies, being graphite or pyrite/pyrrhotite intervals with anomalous base metal values. However, according to J. Stephens, (GM 64915, p. 35) only 20% of the property had been investigated up to mid-2009, and opportunities remain for the discovery of a range of deposits including PGMs in the ultramafic bodies, molybdenum and rhenium in pegmatites, and base metals and gold associated with the untested airborne anomalies and structurally controlled gold.
Whereas past exploration highlighted the search for massive sulphides, the search for gold will be the main priority for Xander. The ongoing discovery of platinum group metals on the Fiedmont property just to the north of the Senneville Groups of claims increases the potential of the property for PGMs and gold.
On May 18, 2020, the Company entered into an option with a purchase letter agreement whereby the Company was granted the exclusive option to purchase 100% interest in the 80 mineral claims (the “Val-d’Or Senneville West Property”) located in Val- d’Or, Quebec. Pursuant to the Letter Agreement and subject to the approval of the TSX Venture Exchange (the “Exchange”), the Company will grant a 2% net smelter royalty and the Company will remunerate as follows:
- 510,000 common shares (the “Shares”) of the Company on or before the closing date (the “Closing Date”), anticipated to be June 15, 2020;
- $9,600 payable on or before the Closing Date;
- $8,000 payable within 90 days of the Closing Date;
- 660,000 Shares to be issued on the date that is 1.5 years from the Closing Date;
- $24,000 payable on or before the date that is 1.5 years from the Closing Date;
- 340,000 Shares to be issued on or before the date that is 2.5 years from the Closing Date; and
- $48,000 payable on or before the date that is 2.5 years after the Closing Date.
Xander Resources CEO, Rodney Ireland, states that, “I am pleased to be expanding our presence in the historical Val-d’Or area. This gives XND a strategic footprint to launch a 2020 exploration campaign by adding to our land package contiguous to our Senneville Group of Claims South Property where two of three holes intersected 9.79 g/t Au over 1.0 m (SV-12-01) and 11.03 g/t Au/1m and 1.38 g/t Au /1m (SV-12-03). With so many discoveries over the Val-d’Or storied history, new discoveries are still happening within the Val-d’Or area including Probe Metals recent discovery.
Terrence Coyle, P.Geo. (OGQ #2079), an Independent Qualified Person (“QP”) as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.
Note: Stephens J., 2009, GM 64915-WINTER DRILLING REPORT AND PROPOSED EXPLORATION FOR 2009, p.35.
The QP has not completed sufficient work to verify the historic information on the Properties, particularly in regards to historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Xander property, but may not be representative of expected results.
ON BEHALF OF THE BOARD OF DIRECTORS
Rodney Ireland, CEO
Tel: (226) 257-8994