Ownership
By agreement dated June 9, 2009 and amended March 26, 2010, ATAC Resources Ltd. ("ATAC") granted Arcus an option to acquire a 50% interest in the Touleary, Dan Man, Green Gulch and Shamrock mineral properties, collectively referred to as the "Dawson Gold Project". To exercise the option, Arcus is required to (i) incur a total of $3,500,000 in exploration expenditures on the properties by December 31, 2011; and (ii) pay $185,000 and issue 1,000,000 shares to ATAC by March 1, 2012.
The $3,500,000 exploration expenditure requirement will have been met by the time the 2011 Dawson Gold work program has been completed and the option will be fully exercised by March of 2012.
Location
The Dawson Gold Project is located in west-central Yukon approximately 100 km south of Dawson City, in what is now referred to as the White Gold District. The Touleary and the Green Gulch properties are both immediately adjacent to the Kinross Gold Corporation ("Kinross") White Gold property (acquired from Underworld Resources Inc. on June 30, 2010). The Shamrock property is located on the north side of the Yukon River, approximately 5 kilometres northwest of the White Gold property.
The Dan Man property is adjacent to the northern boundary of the Kaminak Gold Corporation ("Kaminak") Coffee claims.
Exploration Targets
The White Gold District is underlain by highly deformed metamorphic rocks of the Yukon-Tanana Terrain. It has long been believed that the District had the potential to host numerous types of mineral deposits. The orogenic gold potential in the area has been confirmed with gold discoveries by Kinross (Underworld) and Kaminak.
The volcanogenic massive sulphide ("VMS") potential in the District has now been confirmed with the Arcus discovery at its Touleary property.
