The BQ and NQ sized drill core is from 30 diamond drill holes completed by Canadian Nickel Company Limited ("Canico") during the mid-1980’s operating on behalf of a Canico – Pronto Explorations Limited (Pronto) Joint Venture. The holes tested the Main (Shaft area) and West mineralized zones identified by Canico and will contribute significantly to exploration work being planned by Silver Stream for 2014 and 2015. The all-up cost to re-drill these holes at today’s prices for NQ sized core is estimated at $700,000 to $750,000, representing a substantial saving for Silver Stream. Plans going forward are to review and resample the core as required during the winter of 2014.
The Solomon Pillars Gold Property owned by Sage Gold is comprised of 418.1 hectares with 22 leased and 4 staked claims located approximately 180 kilometers northeast of Thunder Bay, near Beardmore, Ontario. Silver Stream entered an option agreement with Sage Gold in October 2013, whereby Silver Stream can earn up to an 80% undivided interest in the Property (News release, October 31, 2013).
The Property has been the focus of significant exploration and development work over the years. A 3-compartment shaft that was installed in 1935 to a depth of 91.4 meters with two levels developed at 45 meters and 84 meters depth. A mine dump was established next to the shaft but no production was reported. Three mineralized zones were reported from drilling by Canico between 1969 and 1988 which resulted in a Company calculated resource in 1986 (non NI 43-101 compliant) from the Main and West zones.
The Property is located within the Southern Metasedimentary Sub-belt of the Beardmore-Geraldton Greenstone Belt which has hosted 11 past producing gold mines over the years and 95% of the approximately 4.1 million ounces of gold produced from this greenstone belt. The past-producing Leitch Mine near Beardmore was one of the richest gold producers in Canada having produced 861,982 ounces of gold at an average grade of 0.92 ounces per ton.