TIMMINS DAILY PRESS – CSH & LOST DOG; May 26, 2020
Toronto-based Canadian Silver Hunter Inc. has signed a letter of intent to acquire the “Lost Dog” property located approximately 30 kilometres southwest of Timmins.
“We’re going to buy it,” said Jeff Hunter, the company’s president and chief executive officer, a 30-year mining industry veteran who, as he put it, is currently “sequestered” in his backyard.
The nearly 3,000-hectare property is currently owned by Tim Towers, who was born and raised in Timmins, and is the former president of Silver Shield Resources. Towers, who acquired the property in 2010, is a director with Canadian Silver Hunter.
“Tim was able to hold onto it,” said Hunter. “We’ve been talking. He’s been a director of the company for almost two years now.”
The Lost Dog property consists of 52 contiguous mining claim units located in Denton Township.
Silver Shield funded approximately $400,000 worth of geophysics work on the property performed by Exsics Exploration in 2011.
“That’s one of the reasons I’m interested in the property, and why it merits further work,” said Hunter.
Canadian Silver Hunter Inc., which began in 2006, is a mineral exploration company focused on gold and silver on their three properties. The Silver Centre-Keeley Frontier property, located near Cobalt, the Coopers property in Northern Quebec, and now at Lost Dog.
Induced polarization (IP) and magnetic (MAG) report findings from the 2011 geophysics work at Lost Dog of a major fault structure with significant cross-cutting structures.
“We felt gold was a good idea,” said Hunter. “We always like gold, the both of us. I’ve been wanting to move away from my silver/cobalt project, and get something else on the board.”
Up next, follow-up work taking place this summer and into the fall will include soil sampling and line cutting, which is the process of clearing underbrush and creating a grid of pickets on the property.
“We’re going to re-cut the grid, but not the whole thing. They had about 35 kilometres done back in 2011. We’re going to cut a grid probably 10 to 15 kilometres around the heart of what we’re looking at. Go in there, do a soil sample, get the assays done, probably 100 to 150 samples, and then hopefully we’ve got some really nice drill targets.”
Canadian Silver Hunter will pay a total of $65,000 and 1,000,000 common shares over a three-year period to earn a 100 per cent interest in the property, subject to regulatory approval.
The letter of intent is non-binding, which Hunter said allows a “due diligence” period.
“The shareholders and the exchange, they like to see that you’re not just doing things without research. We just had our annual general meeting … for Silver Hunter and everything passed.
“This deal is going to happen,” he said, which should take place sometime in the next week or two.
The soil sampling program will likely cost between $25,000 and $30,000.
“That also gives you a ‘yay’ or a ‘nay’ on the property. Do you go forward or do you not? So if there’s no gold in the soil samples, then we have to consider what our next step might be. If there is gold in the soil samples, then we have drill targets immediately, and we have a lot more follow up targets to soil sample,” said Hunter.
“We’re looking forward to getting the show on the road, and for Canadian Silver Hunter, its been a long time coming. So for the shareholders, I’m really looking forward to delivering something for them. I think Lost Dog gives us a really good opportunity to build something real, in a real gold camp.
“Denton has had gold showings for a hundred years. It’s a good potential property for us.”
Link to article; https://www.timminspress.com/news/local-news/canadian-silver-hunter-targets-lost-dog