Known as the Black Raven or Smoke Lake property, the mineral claims are located 14 kilometres northeast of Marathon and are located in an area geologically known as the Hemlo Greenstone Belt.
Picking up Black Raven is a “highly strategic acquisition” according to Orebodies president-CEO Gordon McKinnon.
Consisting of 415 claim units spread over 6,640 hectares, it follows a gold bearing trend that wraps around the western and northern boundaries of the company’s Wire Lake Property, which sits 33 kilometres northwest of Barrick Gold’s Hemlo Gold Mine.
“This transaction more than doubles the size of our land package in the immediate area to over 11,000 hectares. This property not only adds coverage over the extension of the Wire Lake gold trend, but adds numerous other highly prospective targets...,” added McKinnon.
“StrikePoint is looking forward to being an equity holder of Canadian Orebodies as it advances its Hemlo focused property portfolio in 2017,” said Strikepoint Gold CEO Shawn Khunkhun. “This transaction allows our company to focus on advancing our newly acquired extensive Yukon Portfolio.”
In an April 24 news release, Orebodies said the property also contains several gold-zinc prospects and occurrences, including the Super G Prospect, discovered by Hemlo Gold Mines in 1993.
The acquisition agreement calls for Orebodies to make a cash payment of $15,000 on signing, and issue 1,250,000 common shares and 250,000 warrants entitling the vendor to acquire up to 250,000 common shares at a price of $0.63 per common share, for a period of 12 months.
Canadian Orebodies has a stable of exploration properties in Nunavut and Northern Ontario, including its two Hemlo area properties, Wire Lake and the North Limb.