TAC Property, Yukon
OverviewThe TAC claims are located 16km north of the historic Mt. Skukum Gold Mine, and about 60km southeast of Whitehorse, Yukon. The property consists of 182 claims covering an epithermal gold-silver target that was explored by Kerr Addison Mines in the 1980's following the discovery of significant gold mineralization in the Mt. Skukum area.The district is well known for epithermal style gold-silver mineralization hosted by quartz-carbonate-sericite veins associated with graben faults and rhyolite dykes related to formation of the Mt. Skukum Volcanic Caldera Complex. The historic Mt. Skukum Mine produced over 77,000 ounces of gold between 1986 and 1988 from a single high grade zone in an underground mining operation. Historic work on the TAC property has shown that the gold-silver prospect is characterized by a large gossanous (iron stained) quartz-sericite alteration zone measuring 500 by 800 metres, hosted by rhyolite tuffs. Within this area, a 180 metre wide body of sheared and silicified rhyolite, exposed in a creek drainage, has returned multiple grab samples consistently running 500 to 1500 ppb gold. Of the 317 historic rock samples collected in the area by Kerr Addison in 1985, 152 samples exceeded 30 pb gold and 18 exceeded 1000 ppb (1 g/t) gold. The highest grades correlate with stronger silicification and millimeter scale sulphide stringers in the rhyolite. Elsewhere on the property, historic samples of quartz vein-breccia float returned values as high as 8400 ppb (8.4 g/t) gold and 3.5 opt (108 g/t) silver. The source of this mineralized breccia has yet to be identified. Mineralization on the TAC claims may represent a disseminated style of low grade gold mineralization, which may be suitable for bulk tonnage mining (open pit) techniques, although the potential for high grade vein mineralization, more amenable to underground extraction may also exist. Central is highly encouraged by the geological setting of the TAC claims in general and the tenor of known mineralization within the district. The Company plans to conduct an initial exploration program this summer to define the nature and extent of mineralization, and to identify potential drill targets for subsequent testing. Central can earn 100% ownership of the TAC property, subject to a 2% Net Smelter Royalty ("NSR"), by making staged payments to the private owners of $270,000 cash, 1,000,000 common shares of the Company, and a work commitment of $240,000, over 5 years. Upon TSX-V Exchange approval, an initial payment of $10,000 cash and 200,000 shares will be made, with a first year work commitment of $40,000. Central has the right to purchase 1% of the NSR at any time for a cash payment of $1,000,000. | |
