South Kitikmeot Gold Project : Viridis Mining and Minerals secures 51% stake

Viridis Mining and Minerals has successfully met its Stage 1 expenditure commitment of A$1.5 million to secure a 51% equity interest in the South Kitikmeot Gold Project in Canada, ahead of the deadline of 31 December 2024.

The project, which is a collaboration with Silver Range Resources and Viridis Mining and Minerals, has surpassed this milestone well before the agreed timeline. Furthermore, Viridis Mining and Minerals intends to expand its equity interest in the South Kitikmeot Project to 66% through a Stage 2 commitment of an additional A$2 million expenditure by 31 December 2027.

Recent drilling results from the Esker Lake property, part of the South Kitikmeot Gold Project, have shown promise. Significant findings included gold intercepts of 9.00m at 2.24 g/t Au from 69m and 13.02m at 3.14 g/t Au from 79m.

Viridis Mining and Minerals Executive Chairman, Agha Shahzad Pervez commented on the advancement, stating, “We are excited to earn-in 51% interest in the South Kitikmeot Gold Project ahead of time, and look forward to continuing earning towards Stage 2.”

The South Kitikmeot Gold Project, located in the Back River area of Western Nunavut, spans seven properties (Hiqiniq, Ujaraq, Gold Bugs, Esker, Bling, Uist and Qannituq) covering 11,448 hectares. These properties bear occurrences of iron-formation-hosted gold mineralisation, within a prospective belt of permissive metasedimentary rocks, which also hosts the Lupin Gold Mine and the Goose Lake and George Lake Deposits.

In August 2021, Viridis Mining and Minerals entered into a binding terms sheet with Silver Range, a TSX Venture Exchange-listed company, to acquire up to a 100% interest in the claims within the Black River – Contwoyto Gold Belt of Western Nunavut, Canada, which make up the South Kitikmeot Gold Project.