Brazil Resources to acquire Alaska mining project
The project includes 304 Alaska mining claims, an airstrip, assorted equipment and a 50-person all-season exploration camp.
In exchange, Kiska Metals will receive 3.5 million shares in Brazil Resources valued at approximately $1.6 million.
"We are pleased to have reached an agreement to acquire this emerging gold-copper district in a stable mining jurisdiction with several porphyry deposits and prospects identified in the area to date,” Garnet Dawson, the CEO of Brazil Resources, said. “The company is dedicated first and foremost to our high-potential gold development projects in Brazil. However, with the Whistler project, at a cost of just 4.5 percent dilution, we have an agreement to acquire another project with a historic multi-million ounce resource, large expansion potential, relatively low holding cost and the support of Kiska's superior technical team... ."
The 42,000-acre Whistler project includes several gold-copper porphyry deposits. So far, Kiska Metals has drilled 229,658 feet and 48 holes on the project
"This acquisition is a superb addition to our existing project base and represents another milestone in our strategy to build shareholder value through targeted accretive transactions," Dawson said.