Projects

Boulevard, Yukon

2011 Exploration Program

The 2011 program consists of further surface geochemistry and diamond drilling to test targets along the Boulevard Trend, a 20 kilometre long trend comprised of gold-, arsenic, antimony- and molybdenum-in-soil geochemical anomalies. Silver Quest has also initiated an airborne geophysical survey, which includes radiometric and magnetic surveying over Boulevard property.

Property Status

Boulevard property Sold to Silver Quest Resources

This property consists, consisting of 238 claims covering 4,975 hectares and is located approximately 135 kilometres south of Dawson City, Yukon. The Boulevard Property was staked on behalf of an alliance with Northgate Minerals, who earned a 60% interest in the property. The Company signed an option agreement with Silver Quest Resources Ltd. ("Silver Quest") whereby Silver Quest can acquire the Company's 40% interest in the property by making staged cash payments totalling $80,000 (paid $32,000), issuing an aggregate of 400,000 shares (issued 160,000 common shares) and completing exploration expenditures of $3,000,000 over a five year period. The Company retains a 1% net smelter royalty ("NSR") on the property, with Silver Quest having the right to buy back 0.5% of the NSR for $750,000. Additional claims staked within the areas of interest are subject to the same NSR with a $500,000 buy-down of 0.5% and Silver Quest must issue additional shares. The Company has received an additional 100,000 common shares of Silver Quest upon staking new claims within this project area.

Since optioning the project Silver Quest completed substantial auger soil-geochemical surveys leading to the definition of 3 distinct anomalies that were later tested by a 20 hole (3,006 m) diamond drilling program in 2010. Drilling intersected generally lower grade mineralization over widths of less than 25 m core length.