Huntington Signs LOI to Purchase the Winora Property – Lingman Lake Mine Extension Target - NW Ontario
Cal Everett Announced as Advisor to the Board
CALGARY, Alberta, May 04, 2021 (GLOBE NEWSWIRE) -- Huntington Exploration Inc. (TSX.V – HEI) (the “Company” or “Huntington”
announces that it has entered into a letter of intent to purchase 100% of 17 patented mining claims located in the District of Kenora, Northern Ontario. The Winora property is located 500 m east of
the historical Lingman Lake Gold Mine, developed in the late 1940’s that, for a variety of reasons never reached commercial production.
Huntington will issue 4.0 million shares and a 2% NSR to the vendor for 100% ownership of the property subject to the approval of the TSX-Venture Exchange. The transaction is subject to multiple conditions, including approval of the TSX Venture Exchange, preparation of a definitive agreement, and closing conditions customary for transactions of this nature.
About the Winora Property
The 17 patented mining claims (both surface and mineral rights) shown on Figure 1 comprising the Winora property covering an area of 353.5 ha were originally staked in 1945 by Winora Gold Mines. The property is located 325 km north of Red Lake, Ontario. Access roads and power lines are currently under construction into the area.
There is no documented history of recent exploration on the Winora property over the past 50+ years.
The Lingman Lake gold deposit is located on the adjacent property (to the west) currently held by Signature Resources (“Signature Resources Ltd.”).
Historic Background of the Lingman Lake Gold Deposit
Three historical reports of estimated resource studies for the Lingman Lake Gold deposit are reported in the public domain. Although none are compliant with National Instrument 43-101, they do confirm significant exploration potential. In a November 1948 Report to the shareholders of Lingman Lake Gold Mines the dimensions and grade of the mineralized structures east of an N-S dividing diabase dike were reported as follows:
|Zone||Length (m)||Width (m)||Grade (g/tonne)|
|• Based on underground sampling|
A 1989 resource estimate based on historic drilling and underground sampling resulted in an inventory of 1.06 million tonnes grading 6.8 g/t Au at a cut-off grade of 2.73 g/T Au over a minimum 1.5 m width to a depth of 180 m (the lowest development level is 122 m). This estimate is not compliant with NI 43-101 requirements and is offered as historic reference only.