- Research Reports
- NI 43-101 report
In connection with the Commander transaction, the parties have entered into a Purchase Agreement pursuant to which Commander has agreed to acquire the Company's mineral assets in Mexico and Canada with the exception of four 100% owned properties (HY-Jay, VBA, VM and Big), all in the Yukon, in exchange for 12 million common shares of Commander and a cash payment of $15,000.
The HY/Jay project located in Upper Hyland River area of eastern Yukon in a belt that hosts several high-grade gold vein occurrences, including the 3Ace property currently being explored by Golden Predator Mining Corp. The HY claim group was acquired from Freeport McMoRan Exploration ("Freeport") in 2011 who retains a 2-per-cent net smelter royalty ("NSR") payable to Freeport, which can be reduced to a 1-per-cent NSR through a one-time payment of $1 million and was subsequently expanded by the addition of the Jay claims by staking in 2011. Work to date by Freeport and Bearing has outlined three areas of anomalous gold in rock and soil, being the West and East zones and the Zig Zag zone. Selective grab samples have returned elevated gold values and include two samples with visible native gold. Grab samples are selective by nature and are unlikely to represent average grades of sampling on the entire property. Additional details can be found in Bearing news releases dated Nov. 24 and Dec. 12, 2011. The Company is anticipating a follow-up program of compilation followed by ground evaluation of all three zones.
The Company is also continuing to evaluate other opportunities.