VANCOUVER, B.C. – Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”) is pleased to announce that, further to its news release dated September 30, 2020, it has completed the acquisition of a 100% interest, subject to a 2% net smelter returns royalty, in the Trans Canada/Dinorwic Gold Property, by paying $60,000 cash and issuing 4,000,000 common shares of the Company at a deemed price of $0.16 per common share. The Dinorwic Gold Project is a large district scale gold property with the potential for the discovery of high-grade gold located near Dryden, Ontario, Canada. The Trans Canada Project/Dinorwic Gold property is comprised of a 14,880 contiguous-hectares. The property is easily accessible via all-weather-roads, and has easy access to the Trans-Canada Highway, related power and rail infrastructure, and has a close proximity to several communities, including Dryden, Ontario. Exploration activities for the entire project area are expected to be fully permitted for 2020-2021.
Commented Tim Coupland, “After having worked extensively in many different mineral belts across Canada, I believe that our new team of highly seasoned and accomplished world-class gold exploration professionals, have truly identified what we feel is an exemplary new gold district. The Trans Canada Gold property is highly prospective, and more importantly contains all of the key elements that will lead the team to finding and eventually lead to the discovery of high-grade gold in settings that are geologically similar to the Red Lake greenstone belt. We believe having historical past gold producers to the north of our property, that the regional system situated on our property has the potential to be well endowed with sizeable gold mineralization, similar to that of the Red Lake mining camp and district”.
No finder’s fees were paid in connection with the property acquisition, and all of the securities issued in connection are be subject to a four month hold period ending March 25, 2021.
TRANS CANADA GOLD PROJECT– THE DINORWIC GOLD PROPERTY
The Trans-Canada Gold Property consists of 741 non-surveyed contiguous mineral cell claims totaling 14,880 hectares located within the Kenora Mining Division of Ontario. The property is located within the Wabigoon Greenstone Belt, which also contains the Thunder Lake Gold deposit and the Goldlund Gold Deposit. The Property contains a number of large shear zones containing quartz carbonate veins, pyrite and arsenopyrite, underlain by mafic volcanics with felsic volcanics in the south. There is a large regional scale iron carbonate alteration within the property, which is considered to be similar to that of the Red Lake Mining Camp. The regional scale Carbonate alteration within the property associated with shear zones within iron-tholeiite are prime targets for gold exploration. The property has excellent access, with the Trans-Canada highway bisecting multiple high priority targets in a north-south direction, as well as close proximity to the large community of Dryden, Ontario. The property has access to first class infrastructure, with close proximity to a number of rail corridors and power lines. A number of gold exploration targets have been identified within the property based on their association with regional alteration, known gold showings, shear zones, complex patterns and offsets in the regional magnetic map as well as spatial association with regional structures that has the potential to be well endowed with gold mineralization.
Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the technical information disclosed in the news release.
ABOUT ARCTIC HUNTER – GOLD MINERAL EXPLORATION/ OIL AND GAS PRODUCTION
The Company is a Canadian Gold and Mineral exploration and Oil & Gas Resource Development Company that is currently focused on developing its’ District Scale Gold exploration project in Ontario, and increasing its production capabilities, obtaining potential future oil production revenues. The Company identifies, acquires and finances the acquisition of gold exploration properties and the ongoing development of mining and oil and gas assets primarily situated in Canada, a time-honored safe mineral exploration jurisdiction. The Company is currently reviewing a number of District Scale gold mineral exploration property opportunities, and identifying low risk exploration opportunities through selective acquisitions and development of mining exploration assets situated in these favorable resource jurisdictions. The Company has qualified Senior exploration management and Geological Mining teams of professionals, seasoned in exploration production, field exploration and drilling. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through the selective property acquisitions, and responsible exploration and development of mining, and petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Arctic Hunter Energy Inc.
Tel: (604) 681-3131
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