VANCOUVER – SKRR Exploration Inc. [SKRR-TSXV; SKRR-OTC; BO4-FSE] received final approval from the TSX Venture Exchange for the previously announced non-arm’s-length acquisition agreement dated November 4, 2021, to acquire a 100% interest in Edge Geological Consulting Inc.’s Watts Lake zinc property consisting of 24 mineral claims compromising a total of 13,708,109 hectares.
The property covers multiple, parallel basement conductive corridors, including the approximately 14-km-long Borys Lake corridor, which hosts the historic Borys Lake lead-zinc deposit as well as numerous other mineralized occurrences. Watts Lake is located approximately 65 km northeast of the town of La Ronge and 20 km northwest of the community of Missinipe, Saskatchewan. The well-maintained gravel provincial Highway 102 runs north from La Ronge, through Missinipe to Reindeer Lake, and its closest point is approximately 12.5 km east of the property.
Sherman Dahl, CEO, commented: “High-grade intercepts like we have seen at the Watts Lake zinc property are rare and very exciting. SKRR is a gold and base metal exploration company. SKRR’s zinc and nickel properties should not be ignored by investors. Given the current low market cap, the battery metal option on SKRR common shares is real.
“We are positively surprised by the high-grade zinc intercepts and the overall mineralization of Watts Lake. This is consistent with the often-overlooked nature of the Trans Hudson corridor where the exploration and discovery potential is exceptional. SKRR has amassed a very high-quality portfolio of properties covering precious metals as well as strategic clean energy base metals including nickel and zinc.”
Under the terms of the acquisition agreement, SKRR acquired a 100% interest in the property by making an initial cash payment of $62,500 and issuing 50,000 common shares of SKRR to Edge upon exchange approval of the acquisition agreement. The acquisition agreement provides for a 2% net smelter return royalty in favour of Edge (subject to a buy-down to 1% for $1-million). SKRR will also make an additional cash payment of $62,500 to Edge within 12 months of exchange approval.
The 50,000 common shares issued pursuant to the acquisition agreement are subject to a four-month hold period from the closing date in accordance with applicable securities laws and the policies of the exchange.
Watts Lake property highlights include a world-class favourable jurisdiction. Watts Lake is a large contiguous land package consisting of 13,708 hectares in the established, deposit-endowed La Ronge domain, of Saskatchewan. The project is strategically located near important infrastructure, including within 20 km of major provincial highway network.
The Borys Lake corridor is anchored by the shallow depth historic Borys Lake lead-zinc deposit, including all four known drill hole delineated zones: Mac, Main, Will A/Will B and Sam zones. The Main zone was interpreted to have an approximate strike length of 975 metres and widths varying from 5.3 to 19.5 metres with the zinc to lead ratio being approximately 10:1. Mineralization is open along strike and at depth.
Watts Lake project area covers multiple, parallel basement conductive corridors, identified by a 2008 airborne versatile time-domain electromagnetic (VTEM) geophysical survey, including the entire approximately 14 km long Borys Lake conductive corridor, as well as significant portions of parallel corridors. The conductive corridors have numerous drill intersected and surface identified mineralized occurrences of zinc, copper and silver as well as anomalous gold, nickel and cobalt.