Carscallen Extension Property

Located in the geopolitically stable country of Canada, Affinity Metals holds an option agreement to earn up to a 100% interest in the Carscallen Extension property. The property resides on the Western end of the prolific Abitibi Greenstone Belt.

The Abitibi Greenstone Belt, along with the Fraser Institute deeming it the 4th most attractive mining jurisdiction in the world, is home to dozens of world class deposits including:

  • Val-d’Or
  • Chibougamau
  • Kirkland Lake
  • Timmins
  • Detour Lake
  • Malartic
  • Bousquet
  • Rouyn-Noranda
  • Larder Lake

Regional Map

The Cascallen Extension is located immediately adjacent to the Melkior Resources- Kirkland Lake Gold Carscallen Project, approximately 25 km west of Timmins, Ontario, Canada. Affinity’s Carscallen Extension property consists of 47 claim units covering approximately 940 hectares.

The Carscallen hosts high-grade gold and has strong indications of a base metal volcanogenic massive sulphide (VMS) system. In a news release dated June 26th, 2020, Melkior reported that to date, they have delineated a potential 800m striking gold system running NW-SE through the Zam Zam and Shenkman Gold Zones that is also open in both directions. The Affinity Carscallen Extension property borders Melkior’s property to the north and is located on trend approximately 1000m NW of the presently defined gold system with similar underlying geology.

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Geology

The Carscallen hosts high-grade gold and has strong indications of a base metal volcanogenic massive sulphide (VMS) system. In a news release dated June 26th, 2020, Melkior reported that to date, they have delineated a potential 800m striking gold system running NW-SE through the Zam Zam and Shenkman Gold Zones that is also open in both directions. The Affinity Carscallen Extension property borders Melkior’s property to the north and is located on trend approximately 1000m NW of the presently defined gold system with similar underlying geology.

Melkior’s Carscallen property and Affinity’s Carscallen Extension property are located on the western end of the Abitibi Greenstone Belt, in the geopolitically stable and resource friendly province of Ontario. The Abitibi Greenstone Belt is home to dozens of world class deposits, and has reportedly produced in excess of 170 million ounces of gold, 400 million ounces of silver, 15 billion tons of copper, and 35 billion tons of zinc.

Exploration Updates

Coming Soon

Option Agreement Terms

The terms of the Carscallen Extension option agreement are as follows:

Granting of 70% option:

In order for Affinity to earn a 70% interest in the property, within 6 months of Exchange approval of the option agreement:

  • Affinity shall pay $1,539.63 in outstanding assay fees and shall receive assays for the bottom section of a previously drilled hole.
  • Pay the optionor $30,000 in cash.
  • Complete a minimum of 1,300 meters of drilling.
  • Grant to the optionor a 1% NSR along with an initial $25,000 advance royalty payment.

Granting of additional 10% (80% option):

In order for Affinity to earn an 80% interest in the property:

  • Within 30 days of receipt of assays from the 1,300m drilling above, issue 400,000 shares of Affinity to the optionor.
  • Complete an additional 6,000 meters of drilling on the property within 4 months of completing the 70% option.

Granting of additional 10% (90% option):

In order for Affinity to earn a 90% interest in the property:

  • Upon completing the 80% earn in and electing to proceed with the 90% earn in, issue 500,000 Affinity warrants to the optionor.
  • Complete an additional 4,000 meters of drilling on the property within 15 months of Exchange approval of the option agreement.

Granting of additional 10% (100% option):

In order for Affinity to earn a 100% interest in the property:

  • Pay $5,000,000 to the optionor.

Affinity shall pay advance royalty payments of $25,000 every 6 months to an aggregate total of $250,000 to maintain the property in good standing.

Affinity will also deliver a Preliminary Economic Assessment within 5 years of executing the option agreement or the property will revert back to the optionor.

The optionor will hold a 1% NSR on the property with no buy back provision.

All shares or warrants issued under this agreement will be subject to a statutory 4 month hold period. This agreement is subject to approval by the TSX Venture Exchange.