Other Projects & Assets
3 Aces
On May 26, 2020 the Company sold a 100% interest in the Three Aces Project to Seabridge Gold, the agreement provided for additional payments to Sabre Gold of $1 million upon confirmation of a Three Aces NI-43-101 compliant mineral resource of 2.5 million ounces of gold and a further $1.25 million upon confirmation of an aggregate mineral resource of 5 million ounces of gold. The agreement also grants Sabre Gold a 0.5% net smelter royalty on the project.
As reported by Seabridge, their initial drill program began in late 2022 which was followed by a much more expansive drilling program in 2023 with a total budget of $7 million.
3 Aces was acquired by Seabridge as a district scale, orogenic-gold project consisting of 1,734 claims covering 357 km² (35,700 ha) located in a readily accessible part of southeastern Yukon. Historical work has identified a broad area of gold-in-soil extending more than 20 kilometers and past drilling has encountered extensive gold. Seabridge believes the 3 Aces target is consistent with some of the biggest and richest gold deposits in the world, including the California Mother Lode Belt, Juneau Gold Belt, Murentau in Uzbekistan and Obuasi in Ghana.
Seabridge holds a 100% interest in several North American gold projects. Seabridge’s assets include the KSM and Iskut projects located in Northwest British Columbia, Canada’s “Golden Triangle”, the Courageous Lake project located in Canada’s Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project set in the Yukon Territory. For a full breakdown of Seabridge’s Mineral Reserves and Mineral Resources by category please visit the Company’s website at http://www.seabridgegold.com.
SER Project
On October 12, 2022 Sabre Gold entered into an option agreement to sell a 100% interest in the SER project to Rackla Metals Inc, the terms of the deal include an initial payment of $50,000 in cash plus in twelve months’ time a further payment of $150,000 in cash and the issuance of $150,000 worth of common shares of Rackla Metals Inc. On October 18th, 2023, Sabre announced that Rackla had exercised the option in full thereby granting Sabre with a 2.5% NSR royalty on the property.
As reported by Rackla, the SER project further adds to Rackla’s mineral property interests in the Tombstone Gold Belt within the Selwyn Basin in the Yukon Territory. Rackla has rapidly accumulated a number of high priority targets in this belt that they consider to be very prospective for reduced-intrusion related gold systems that are parallel to Snowline Gold’s Rogue gold discovery.
Marg Project
On November 11, 2021, the Company closed the sale of its 100% interest in the Marg property (“Property Purchase Agreement”) located in Central Yukon with Azarga Metals. The sale consideration included a cash advance of $50,000 as a non-refundable deposit, 5,219,985 common shares of Azarga, cash receivable of $200,000 on the one-year anniversary date of closing and cash receivable of $350,000 on the two-year anniversary date of the closing. Sabre Gold will be entitled to a 1% NSR royalty of all metals extracted from the Marg Project. Azarga will have the option to buy back 100% of the NSR for cash consideration of $1,500,000.
On January 9, 2024, the Company announced a restructuring of the Property Purchase Agreement and effectively converted the agreement to an option agreement where the two cash payments due under the original agreement were waived in exchange for the issuance of 2,866,666 common shares of Azarga, a further 1% NSR (not subject to any buybacks) and maintenance payments of $33,500 in cash or shares of Azarga on December 1, 2024 and on December 1, 2025 unless Azarga pays $335,000 in cash to exercise the option in full.
Group 11 Technologies Inc.
- Advancing cyanide-free gold recovery
- Non-invasive extraction technology utilizing environmentally friendly liquids
- Potential to disrupt the conventional mining sector through innovation
