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Highlights:
- West Oak Gold Corp. secures 100% ownership of the Ptarmigan Silica Project through the issuance of 1.3 million shares.
- The project boasts high purity silica values, with recent samples showing over 99% SiO2 content.
- A comprehensive Phase 1 exploration program is set to commence, laying the groundwork for future drilling.
West Oak Gold Corp. (CSE: WO) is making significant strides in the mineral exploration sector with its recent acquisition of the Ptarmigan Silica Project, located approximately 130 kilometers from Valemount, British Columbia. Following its announcement on September 27, 2024, the company has successfully issued 1,300,000 common shares to Cronin Exploration Inc. (the "Optionor") at a deemed price of $0.075 per share, thereby obtaining an undivided 100% right, title, and interest in this promising property.
As part of this transaction, West Oak has also granted the Optionor a 2.0% net smelter returns royalty (NSR Royalty) under a royalty agreement dated October 4, 2024. Importantly, the company retains the option to purchase 50% of the NSR Royalty (1.0%) for $1,000,000 within 30 days following the commencement of commercial production. The full details of this agreement are available on the company's profile at SEDAR+.
The Ptarmigan Silica Project spans 2,280 hectares within the Rocky Mountain Trench, characterized by its unique geological features. It is situated near the Fraser River valley and is easily accessible via the Yellowhead Highway. The project area is predominantly underlain by metasedimentary rocks from the Proterozoic to Lower Cambrian Cariboo Group, with the Yanks Peak formation being the primary target for silica extraction. This formation is largely composed of quartzite, which is known for its high silica content, making it an attractive prospect for potential investors and stakeholders.
Recent due diligence sampling conducted on the site has yielded promising results, with three samples returning silica values of 98.68%, 98.44%, and an impressive 99.52% SiO2. The low iron oxide (Fe2O3) content, recorded between 0.25% and 0.42%, further enhances the viability of the Ptarmigan Silica Project for industrial applications.
West Oak's exploration strategy includes a Phase 1 program featuring detailed geological mapping, channel sampling, and an airborne magnetometer survey, coupled with preliminary metallurgical testing. A budget of $77,000 has been allocated for this initial phase, which is expected to set the stage for a subsequent Phase 2 drill program aimed at further delineating potential silica resources.
Chris M. Healey, P. Geo of Healex Consulting, Ltd., has been engaged to prepare a comprehensive NI 43-101 technical report on the Ptarmigan Silica Project, dated September 26, 2024. This report will provide further insights and guidance for the company's ongoing exploration efforts, and it is also available on the company's SEDAR+ profile.
The Ptarmigan Silica Project has a history of limited exploration, with previous work primarily conducted by the Department of Highways and a small-scale exploration program in 2010. Notably, earlier sampling indicated an average silica content of 95.34%, with quartzite samples averaging 97.69% SiO2. These findings, combined with West Oak's recent high-purity results, suggest significant potential for the project as it moves forward.
