Canadian Silver Hunter Inc., signs Letter of Intent on key Timmins West Property
Toronto, Ontario – May 21, 2020 – Canadian Silver Hunter Inc. (“Canadian Silver Hunter” or the “Company”) (TSXV: AGH.H) is pleased to announce that the Company has entered into a non-binding Letter of Intent (LOI) to acquire the “Lost Dog” property, located in the West Timmins area of Northern Ontario.
The Lost Dog property consists of 52 contiguous mining claim units covering close to 3000 hectares. The property is located in Denton Township, approximately thirty kilometres south-west of the Timmins city center, and 12 km west of Pan American Silver’s Timmins Mine, in the Porcupine Mining Division of Northern Ontario.
The Lost Dog Property has had considerable exploration work completed to date including line-cutting, surface work and sampling, and more importantly, a major Induced Polarization (IP), Very Low Frequency (VLF) and Magnetic MAG) survey (Exsics Exploration 2011). The IP and MAG report findings outlined that the program was successful in locating a major fault structure, with significant cross cutting structures.
The Company is planning the follow up program of detailed geology and geochemical sampling which will be performed this summer/fall, before drilling. Soil sampling has been proven to be a very cost effective and reliable follow up tool to defining drill targets over the IP zone.
The Company 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 Vendor will retain a 2% Net Smelter Royalty (NSR) that the Company has the right to purchase 1% of at any time, for $1,000,000. The Vendor of the property is a director of the Company and the former CEO of Silver Shield Resources Inc.
Canadian Silver Hunter Inc. is a Canadian mineral exploration company focused on gold and silver exploration on their three properties; the Silver Centre-Keeley Frontier property, located near Cobalt in Northern Ontario; the Coopers property, located near Lebel-sur-Quevillon in Northern Quebec; and the Lost Dog property, located near Timmins, in Northern Ontario. For further details about the Company’s projects and plans please visit the Canadian Silver Hunter Inc. website at www.canadiansilverhunter.ca
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President & CEO