GOLD: SKRR wants to acquire Ithingo Lake project

SASKATCHEWAN - SKRR Exploration announced that it has signed a non-arm’s length option agreement to acquire, from Edge Geological Consulting, 100% of the Ithingo Lake property in Canada’s prairie region. In a press release, SKRR explained that Edge is a company owned and controlled by Ross McElroy, a director of SKRR. The Ithingo Lake property is a contiguous land package consisting of 28 sq. km. It is located in the north-central region of Saskatchewan, 125 km northeast of the village of Buffalo Narrows and approximately 235 km to the northwest of La Ronge. According to SKRR, previous explorers Claude Resources, Newmont Exploration of Canada and Pine Channel drilled 57 holes in over 5,200 metres of historic drilling. The Main Zone drilling returned intersections up to 7.5 metres at 11.5 g/t gold, including 0.5 metres of 138.97 g/t gold with visible gold in quartz veining. “The Main Zone remains open along strike and at depth. Sterny and Sterny North Zones have potential for hosting significant high-grade gold,” the media brief states. Under the terms of the agreement, SKRR may acquire a 100% interest in the project by paying C$50,000, issuing 2 million shares, granting Edge a 2% net smelter return royalty and spending over $500,000 on exploration. This story originally appeared on www.Mining.com.