US-based Fortune Oil and Gas (FOGC) subsidiary Alta Mining have signed purchase option agreement, whereby it can earn 100% interest in the mining claims on a property located in Kaslo, Canada.
The property is located in the Slocan area connecting Kaslo and New Denver where several current and past producing mines are located.
The subject mine produced 260,542 tons of ore containing 1435 oz gold, 3,152,130 oz silver, 28,017,903 lbs lead and 6,260,370 lbs zinc during the period from 1892 to 1945 for an average of 12 oz/ton silver, 5.4% lead and 1.2% zinc.
The presence of ore bodies were found near a thrust fault zone within slate and limestone of the Slocan Group.