Posts Tagged Tad Capital

Tad samples up to 0.14 m of 52.48 g/t Au at Hazelton

TAD Capital Corp. has completed the 2009 program on the north zone of the Hazelton prospect. Work consisting of geological, geochemical and geophysical surveys has resulted in several new high-grade gold discoveries and increased the area of known gold mineralization on the property to 1,400 metres by 800 metres.

The program focused on evaluating the extent of mineralization near the margins of a granitic stock. Numerous gold-bearing veins are present in three areas situated along the perimeter of a Cretaceous stock, which measures 600 metres in diameter. Indications are that the stock is part of a larger intrusive body mapped digitally by the Geological Survey of Canada in 2008. The composition of the concealed intrusion is unknown but judging from surface exposures it ranges from granite to granodiorite and includes monzonite phases and rhyolite dikes.

Gold mineralization on the property conforms to a broadly defined intrusion-related class of deposits with gold mineralization hosted within a thermal aureole. The distinctive features of this class of gold deposits are sheeted arrays of parallel, single-stage quartz veins which are found over tens to hundreds of metres and preferentially located in the pluton’s cupola. These types of veins are also described as reduced intrusion-related gold systems represented by the Fort Knox, Pogo, Donlin Creek and Dublin Gulch deposits in Alaska and the Yukon.

Past work had recognized that the sulphide mineralogy of individual veins varies along strike and possibly along the dip direction. Sulphide content ranges from 2 to 45 per cent, and consists mainly of arsenopyrite (up to 30 per cent) and pyrite (up to 30 per cent).

The mineralization observed to date has two mineralogical characteristics that impact the precious-metal grades: mineralization dominated by arsenopyrite-pyrite-banded intergrowths; and mineralization dominated by banded arsenopyrite with minor pyrite-galena-sphalerite-tetrahedrite at the vein margins.

Locally, the veins carry small amounts of copper sulphides that include tetrahedrite. This mineral association is of particular significance and has returned a high-grade gold of up to 52.48 grams per tonne gold in one sample.

Camp area

In the Camp area, there are a minimum of 13 quartz-sulphide veins present over an area measuring 150 by 200 metres. The area is situated between two deeply incised creeks named West Creek and East Creek. Work completed in 2009 resulted in the exposure of six new veins.

The majority of the veins strike northwesterly and have gentle dips to the northeast with true widths ranging from six to 47 centimetres. One of the newly found mineralized zones consists of two 25-centimetre-thick veins separated by a 30-centimetre zone of altered monzonite host rock. The veins were exposed in a 0.8-metre-by-one-metre trench and sampled across a 0.8-metre width. This site returned 1.91 grams per tonne gold and 8.0 grams per tonne silver (sample 723372).

Two veins in close proximity to each other have been exposed by shallow trenches (samples 723351 and 723352). The vein dipping gently to the north (723351) contained 20 per cent sulphides with arsenopyrite being the dominant sulphide. The vein dipping gently to the northeast contained relatively high pyrite and lesser arsenopyrite (723352). The latter vein returned 52.48 grams per tonne gold and greater than 100 grams per tonne silver.

Re-exposure of a 1988 trench has resulted in the documentation of a 127-metre-long quartz-sulphide vein striking 346 degrees. Several locations along this trench were re-excavated using hand tools and then sampled. The vein is dipping to the east-northeast at a 44-degree angle and ranges in width from 15 to 35 centimetres. Four channel samples returned an average weighted content of 3.74 grams per tonne gold and 9.13 grams per tonne silver. One sample from a silica-sulphide cemented fault fracture returned 3.62 grams per tonne gold and 6.4 grams per tonne silver across six centimetres.

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Tad Capital Signs Property Purchase Agreement

Tad Capital Corp. has signed a property purchase agreement dated March 16, 2009, with Golden Sabre Resources Ltd., a private Canadian corporation, further to its news release in Stockwatch of Feb. 20, 2009. Under the terms of the agreement, Tad has agreed to purchase, subject to a 1.5-per-cent net smelter return, 94 per cent of all right, title and interest in the 28 mineral claims lying within the Omineca mining district as described below and all assets related to the claims from Golden Sabre in consideration for Tad issuing 5,202,000 common shares to Golden Sabre. The transaction is intended to represent Tad’s qualifying transaction that is to be conducted in accordance with TSX Venture Exchange Policy 2.4 concerning capital pool companies. The acquisition has been negotiated and carried out by the parties dealing at arm’s length to one another and therefore is not a non-arm’s-length qualifying transaction, as such term is defined under the rules and policies of the TSX Venture Exchange. As a result, the acquisition will not require shareholder approval from the shareholders of Tad. Immediately following the closing of the acquisition, Golden Sabre intends to wind up its corporate existence and distribute all of the Tad shares to its shareholders on a pro-rata basis. The shares issuable to Golden Sabre on closing will be subject to a hold period as required by applicable securities laws.

Conditions of closing

The parties have agreed to close the transaction on or before April 15, 2009, or such other date as the parties may agree to in writing. Completion of the proposed acquisition will be subject to certain conditions including:

 

  • (a) Completion of Tad’s satisfactory due diligence review with respect to the assets;
  • (b) Golden Sabre providing financial information from which to prepare financial statements as required by applicable securities laws and a technical report on the claims in accordance with National Instrument 43-101;
  • (c) The TSX Venture Exchange waiving the requirement to appoint a sponsor;
  • (d) Approval of the transaction by the shareholders of Golden Sabre;
  • (e) The appointment of a qualified person, as that term is defined in National Instrument 43-101, to the board of directors of Tad on the closing of the transaction;
  • (f) Golden Sabre providing a title opinion on the claims;
  • (g) Tad having cash and cash equivalents of $200,000 prior to closing and completion of a private placement as described below;
  • (h) Receipt of conditional approval from the TSX Venture Exchange of the proposed transaction.

 

Financing

The closing of the transaction is conditional upon Tad completing a non-brokered unit financing of at least $300,000 at five cents per unit, each unit consisting of one common share and one share purchase warrant. Of the six million common shares issued in the unit financing, TAD anticipates that 5,000,000 common shares will be issued on a flow-through basis and one million common shares will be issued on a non-flow-through basis, although the ratio of flow-through to non-flow-through will be determined in the sole discretion of Tad at the time of the offering. Each warrant will allow the holder to purchase an additional common share at the exercise price of 10 cents for a period of five years from the closing date. Tad intends to use the proceeds from the private placement and cash on hand to carry out the phase two recommended work program on Golden Sabre’s American Boy claims.

Loan

Pursuant to the terms of the letter agreement, Tad has loaned Golden Sabre $15,000 on the condition that Golden Sabre use the proceeds solely to renew certain claims. Additionally, Golden Sabre has agreed that the loan will be repaid in full in the event the transaction does not close for any reason. Upon the closing of the transaction, and pursuant to the terms of the loan, Tad will credit Golden Sabre with the costs related to renewing the claims against the outstanding amount of the loan on a per diem basis.

Sponsorship

TAD will be seeking an exemption from the sponsorship requirements in accordance with TSX Venture Exchange Policy 2.2.

Golden Sabre’s mineral claims

Golden Sabre is a private Canadian company, established in 2006. Its controlling shareholders consist of three individuals, each resident of British Columbia. The claims comprise 28 mineral claims covering an area of approximately 8,792 hectares, lying within the Omineca mining district of British Columbia. The claims are located immediately northeast of Hazelton, B.C., at the southern extent of the Skeena Mountains, lying to the east of the Skeena River. Golden Sabre owns a 94-per-cent interest in the claims, with Cadre Capital Inc. of Vancouver, B.C., owning the remaining 6-per-cent interest and a 1.5-per-cent net smelter return. The claims consist of three main claim blocks, known as:

 

  • (i) The American Boy/Mohawk claims;
  • (ii) The Sunrise/Silver Cup claims;
  • (iii) The Sidina claims.

 

The American Boy/Mohawk claim block is contiguous to the Sunrise/Silver Cup claim group. The Sidina claims are located approximately five kilometres north of the Sunrise/Silver Cup claims. A technical report has been prepared on the American Boy, Sunrise-Silver Cup, Sidina-Silverton and Mohawk claim groups in accordance with National Instrument 43-101. Upon the closing of the qualifying transaction, Tad intends to use the proceeds from the financing and cash on hand to carry out the phase two recommended work program on the American Boy claims.

Finders

Subject to TSX Venture Exchange approval, Tad intends to issue 500,000 common shares to two finders (250,000 common shares to each) upon the closing of the qualifying transaction in consideration for services provided by the finders with respect to the transaction. Each finder is not a non-arm’s-length party and such shares will be issued pursuant to an exemption under applicable securities laws.

Board of directors

Upon completion of the proposed acquisition, Tad anticipates that its current board of directors and management team will remain the same with the exception of the appointment of a qualified person under National Instrument 43-101 to its board of directors. The identity of the qualified person is not known as of the date of this release.

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Tad Capital Qualifying Transaction

Tad Capital Corp. has entered into a letter agreement dated Feb. 18, 2009, with Golden Sabre Resources Ltd., a private Canadian corporation. Under the terms of the letter agreement, Tad has agreed to purchase, subject to a 1.5-per-cent net smelter return, 94 per cent of all right, title and interest in the 28 mineral claims lying within the Omineca mining district as described below and all assets related to the claims from Golden Sabre in consideration for Tad issuing 5,202,000 common shares to Golden Sabre. The proposed transaction is intended to represent Tad’s qualifying transaction that is to be conducted in accordance with TSX Venture Exchange Policy 2.4 concerning capital pool companies.

The proposed acquisition will be negotiated and carried out by the parties dealing at arm’s length to one another and therefore will not be a non-arm’s-length qualifying transaction, as such term is defined under the rules and policies of the TSX Venture Exchange. As a result, the proposed acquisition will not require shareholder approval from the shareholders of Tad. The shares issuable to Golden Sabre on closing will be subject to escrow requirements of the TSX Venture Exchange and a hold period as required by applicable securities laws.

Conditions of closing

The parties have agreed to enter into a definitive agreement on or before March 15, 2009, and have agreed to close the proposed transaction on or before April 15, 2009, or such other date as the parties may agree to in writing. Completion of the proposed acquisition will be subject to certain conditions including: (a) completion of Tad’s satisfactory due diligence review with respect to the assets; (b) Golden Sabre providing financial information from which to prepare financial statements as required by applicable securities laws and a technical report on the claims in accordance with National Instrument 43-101; (c) the TSX Venture Exchange waiving the requirement to appoint a sponsor; (d) approval of the transaction by the shareholders of Golden Sabre; (e) the appointment of a qualified person, as that term is defined in National Instrument 43-101, to the board of directors of Tad on the closing of the transaction; (f) Golden Sabre providing a title opinion on the claims; (g) Tad having cash and cash equivalents of $200,000 prior to closing and completion of a private placement as described below; (h) receipt of conditional approval from the TSX Venture Exchange of the proposed transaction; and (i) the closing of the definitive agreement.

Financing

The closing of the transaction is conditional upon Tad completing a non-brokered unit financing of at least $300,000 at five cents per unit, with each unit consisting of one common share and one share purchase warrant. Of the six million common shares issued in the unit financing, Tad anticipates that five million common shares will be issued on a flow-through basis and one million common shares will be issued on a non-flow-through basis. Each warrant will allow the holder to purchase an additional common share at the exercise price of 10 cents for a period of five years from the closing date. Tad intends to use the proceeds from the private placement and cash on hand to carry out the phase two recommended work program on the American Boy claims.

Loan

Pursuant to the terms of the letter agreement, Tad has agreed to loan Golden Sabre $15,000 on condition that Golden Sabre applies the proceeds solely to renew the claims, many of which require renewal in March, 2009. Additionally, Golden Sabre has agreed that the loan will be repaid in full in the event the transaction does not close for any reason. Upon the closing of the transaction, and pursuant to the terms of the loan, Tad will credit Golden Sabre with the costs related to renewing the claims against the outstanding amount of the loan on a per diem basis.

Sponsorship

Tad will be seeking an exemption from the sponsorship requirements in accordance with TSX Venture Exchange Policy 2.2.

Claims of Golden Sabre

Golden Sabre is a private Canadian company, established in 2006. Its controlling shareholders consist of three individuals, each resident of British Columbia.

The claims comprise 28 mineral claims covering an area of approximately 8,792 hectares, lying within the Omineca mining district of British Columbia. The claims are located immediately northeast of Hazelton, B.C., at the southern extent of the Skeena Mountains, lying to the east of the Skeena River. Golden Sabre owns a 94-per-cent interest in the claims, with Cadre Capital Inc. of Vancouver, B.C., owning the remaining 6-per-cent interest and a 1.5-per-cent net smelter return. The claims consist of three main claim blocks, known as: (i) the American Boy/Mohawk claims; (ii) the Sunrise/Silver Cup claims; and (iii) the Sidina claims. The American Boy/Mohawk claim block is contiguous to the Sunrise/Silver Cup claim group. The Sidina claims are located approximately five kilometres north of the Sunrise/Silver Cup claims.

A technical report has been prepared on the American Boy, Sunrise/Silver Cup, Sidina/Silverton and Mohawk claim groups in accordance with National Instrument 43-101. Upon the closing of the qualifying transaction, Tad intends to use the proceeds from the financing and cash on hand to carry out the phase two recommended work program on the American Boy claims.

Finders

Subject to TSX Venture Exchange approval, Tad intends to issue 500,000 common shares to two finders (250,000 common shares to each) upon the closing of the qualifying transaction in consideration for services provided by the finders with respect to the transaction. Each finder is not a non-arm’s-length party and such shares will be issued pursuant to an exemption under applicable securities laws.

Board of directors

Upon completion of the proposed acquisition, Tad anticipates that its current board of directors and management team will remain the same with the exception of the appointment of a qualified person under National Instrument 43-101 to its board of directors. The identity of the qualified person is not known as of the date of this release.

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