Aldrin Options Gold Exploration Property in the Mayo Mining District, Yukon Territoryadmin
Aldrin Resource Corp. announces that it has entered into a property option agreement with Ryanwood Exploration Inc. (“Ryanwood”) to acquire a 100% interest in the “Keystone Property” located in the Mayo Mining District, Yukon Territory.
The Keystone Property is comprised of 224 quartz mining claims covering an area of 11,200 acres or 44.8 square kilometers. The Keystone Property is situated just south of the Keno Hill Silver Mining Camp and has road access along its north-east boundary.
Ryanwood has worked the Keystone Property over the past four years collecting 1064 soil samples on grids measuring 2300 meters by 1500 meters.
Ryanwood’s soil survey has outlined anomalous gold (up to 1085 ppb Au), arsenic (up to 10,000 ppm As) and antimony (up to 2000 ppm Sb) in a trend that measures 2300 meters long by an average of 100 meters wide, with certain sections up to 200 meters wide. The soil anomaly is still open in two directions. Soil samples were processed by Acme Analytical of Vancouver using Acme lab’s IDX-15 gram ICP-MS assay.
In order to exercise its option to acquire a 100% interest in the Keystone Property, Aldrin must pay Ryanwood $450,000 over a four year period ending October 1, 2013. Aldrin must also incur exploration expenditures of $1,500,000 on or before November 15, 2013 and issue Ryanwood a total of 1,250,000 shares before October 1, 2013. Ryanwood will retain a 2% net smelter return interest that requires advance royalty payments of $30,000 per year commencing October 1, 2014. At Aldrin’s option the net smelter return interest may be reduced to 1% upon making a $2.0 million payment to Ryanwood.
Aldrin’s acquisition of the Keystone Property expands Aldrin’s portfolio of gold exploration properties in the Yukon Territory and adds identified drill targets which will be assessed during the 2010 summer drilling program.