News: Southern Crown Resources acquiring Alaskan multi-metallic projects

Southern Crown Resources (ASX:SWR) has signed an option agreement to explore and acquire a package of prospective multi-metallic projects about 500 kilometres west of Anchorage, Alaska.

Notably, the projects are located in the same Tintina Gold belt as the giant 45 million ounce Donlin Creek intrusion related gold deposit in southwest Alaska.

The option agreement is in line with the company’s strategy to evaluate new mineral resource opportunities both in Australia and overseas.

The key Luna-Quicksilver prospect contains two undrilled outcropping semi-massive sulphide stockworks about 1.2 kilometres apart in a system that is over 700 metres wide and striking over 5 kilometres.

Rockchip and channel sampling of Luna outcrop has returned up to 64.7 grams per tonne gold and 74g/t silver while the Luna East sulphide outcrop has returned up to 1.2% copper and 90gt silver.

These are located in an accessible river valley.

Southern Crown had signed the option with unlisted Australian company Afranex Gold to acquire the companies that hold the rights to the three projects with an expiry date of the earlier of 4 months after the completion of 1,200 metres of core drilling or 31 December 2015.

On exercising the option, it will issue 30 million shares to the major vendor group as well as $100,000 to Afranex for exploration and corporate costs.

The company has already conducted detailed ground magnetics and will commence scout bedrock drilling this month.

This will focus follow-up core drilling.

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