$HNRC $CNRC Cunninghan Mining Ltd. / Houston Natural Resources Corp. Acquires Gold Mining Property
CHARLESTON, W.Va., Sept. 18, 2023 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company"
, now known as Cunningham Natural Resources Corp ("CNRC"
, announced today that it has acquired an interest in Cunningham Mining Ltd ("CML"
with the potential to increase its position over time. CML has completed the acquisition of the Placer Claims known as the 'Nugget Trap Placer Mine" in the British Columbia Mineral Title registry covering 573.7 acres and the accompanying permits and authorizations ("Property"
that is situated within the Skeena Mining Division of British Columbia, Canada in the area known as BC`s Golden Triangle.
The Nugget Trap Placer Mine was tested in the 1930's but never commercially mined for Gold and Silver due to its remote location and commodity prices of the era. Located approximately 69 miles northwest of the town of Stewart, British Columbia, the placer claim's mineable area has been fed by glacial movement and pooling creating ideal mining conditions for the recovery of gold and silver. A recent independent assay, which includes data from a 25-pit test program, indicated an average of over Au 25.54 grams gold per cubic meter of pay dirt as well as meaningful amounts of silver. The company is in the process of permitting for a 15,000 cubic yard per annum pay dirt mining program with the British Columbia Ministry of Mines.
Located in northwestern British Columbia, Canada, the Golden Triangle boasts some of the most impressive gold discoveries in North America. For decades, B.C.'s Golden Triangle has attracted prospectors in search of a golden opportunity. Today, the region is experiencing newfound interest thanks to a strengthening gold market and new advances in infrastructure.
Seabridge's KSM Project, based in BC's Golden Triangle, is one of the largest undeveloped gold deposits in the world measured by gold reserves, which is in close proximity to the Nugget Trap Placer claim. An updated Preliminary Feasibility Study (PFS) estimates proven, and probable reserves total 38.8 million ounces of gold and 10.2 billion pounds of copper.
Three lithologic units underlie the Property. The Upper Jurassic Bowser Lake Group of thinly bedded mudstones and siltstones overlies the Middle Jurassic pillow lavas and interbedded mudstones of the Lower Salmon River Formation. Quaternary sediments cover the two Jurassic Formations in the Unuk River and Sulphurets Creek Valleys. The sediments range in size from boulders to fine silt and contain fine-grained placer gold in the Sulphurets creek drainage. The gold recovered was fine-grained flakes that were jagged or torn with sharp edges from being ground by glacial action. The source of the gold in the gravels is from the various large gold and copper deposits identified upstream and up ice from the Property including the Mitchell, Sulphurets, Kerr and Snowfield deposits of Seabridge Gold Inc.
CNRC has acquired an initial 9% interest in Cunningham Mining Ltd in line with its business model to invest in existing energy assets and transitional energy materials like copper, gold and lithium, in addition to other precious and rare earth metals.