Omineca Mining and Metals Ltd. (TSX-V:OMM) announced that a formal agreement has been executed whereby Omineca has the exclusive right (subject to regulatory approval) to acquire all issued and outstanding shares of Gravitas Metals Corp., a private British Columbia corporation.
The primary asset held by Gravitas is the option to earn an 80 per cent interest in the Sully group of claims, located near Fort Steele in southeastern British Columbia.
The Sully property comprises 1375 hectares located 27 kilometres east of Kimberley, B.C., and overlies rocks of similar age and origin as those which host the world-class Sullivan Deposit, owned by Teck Corporation.
Sullivan was discovered in 1892 and is known to be one of the largest sedimentary-exhalative (sedex) deposits in the world.
Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore, including three billion ounces of silver, eight million tonnes of zinc and eight million tonnes of lead, collectively worth over $45 billion at current metal prices.
The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully property.
In 2010 and 2011, Gravitas completed an extensive surface geophysical program, outlining a prominent gravity anomaly with dimensions of approximately three kilometres by one kilometre, at an interpreted depth of up to approximately 1000 metres. This geophysical feature is located seven kilometres south of the Kootenay King Deposit, a past producer that contained mineralization of similar tenor and mode of occurrence as Sullivan.
Permits for the proposed drill program are in hand, with drilling activity expected to commence immediately.
