The cost of the acquisition was 1 million shares of Idaho Champion.
These six claims aligned an extension of the Orogrande shear zone within the Baner (“BC”) claim block and includes the Black Lady and Lucky Strike historical underground gold mines.
Idaho Champion president and CEO Jonathan Buick said: “Our land strategy with the Baner Project is to consolidate the land package as one block covering the eastern margin of the Orogrande Shear Zone.
“With the acquisition of the Sally Claims we now have one continuous block of ground on the eastern side of Deadwood Mountain covering very exciting drill targets for 2019.”
The Sally Claims come with a drill permit that is in the late stage of permitting and contains 19 drill sites with potentially 2-3 drill holes per site that will be drill targets in 2019. A future press release will cover the 2019 drill plan for the Baner Claims.
The Baner Project is located within the Orogrande shear zone (OSZ), a 30 kilometer long and up to 3 kilometer wide regional shear zone located in Central Idaho. The OSZ resembles a series of metamorphosed Proterozoic Belt sedimentary rocks, Cretaceous Idaho batholith, and Tertiary rhyolites and dacitic dikes.
The BC claim block covers a series of north south parallel shear zones on the eastern margin of the OSZ. There is a deep level of oxidation and mineralization associated with the OSZ.
It consists of a quartz, sericite mica, and fine-grained pyrite. Mineralization is hosted by three types of broadly defined deposit types; Tertiary epithermal deposits, Cretaceous intrusive related gold systems and orogenic shear zone deposits hosted within the batholith.
Mineralization includes disseminated low-grade precious metal mineralization in associated stockwork veins, hydrothermal breccias and extensive widespread alteration; high-grade gold is associated with discreet structurally-controlled quartz veins.
The Baner Project is in the central Idaho Gold Belt, 8 km south of the of Elk City, Idaho. Elk City is a historic gold mining region dating back to the 1860s and once supported more than 20 underground mines and extensive placer operations.
The total Elk City area has been estimated to have yielded more than 2 million ounces of alluvial gold in the period before 1910.
During the 1930’s there were three cyanide mills along the Crooked River processing open pit and underground sulfide ore. Exploration in the district during the 1980’s and 1990’s included Cypress-Amax, Kinross Gold, and Bema Gold primarily focused on near-surface bulk-tonnage gold potential targeting a Fort Knox type occurrence.
Premium Exploration conducted extensive drilling, soil sampling, and airborne and surface geophysics in the 2010 era. Currently a Finnish gold producer, Endomines AB is developing the Friday project at Orogrande into an underground gold operation.
Additional Staking
In addition to acquiring the Sally claims, the Company has staked 204 additional claims in all directions around the Baner project. As a result, Champion owns 100% of 1,705 hectares of highly prospective property southwest of Elk City, Idaho, USA located on the Orogrande Shear Zone (OSZ).
Source: Company Press Release
