Knife Lake Project
Apogee Minerals Ltd. has the sole and exclusive right and option to acquire a 100% right, title and interest in the Knife Lake Project from Trident Resources Corp. (TSX-V: ROCK), subject to underlying royalties. The Property consists of fifty-four (54) mineral claims covering approximately 35,255 hectares in northeastern Saskatchewan, approximately 130 kilometres north-northwest of Flin Flon, and hosts the Knife Lake Deposit — a near-surface, stratabound volcanogenic massive sulphide (“VMS”) style copper-cobalt-gold-silver-zinc deposit. Saskatchewan is consistently ranked among the top mining jurisdictions in the world by the Fraser Institute.
Project Highlights
- Advanced-stage copper-cobalt-gold-silver-zinc VMS project hosting the near-surface Knife Lake Deposit
- Large land package comprising 54 mineral claims covering approximately 35,255 hectares
- Historical NI 43-101 mineral resource estimate with an effective date of June 12, 2019 (see disclosure below)
- Extensive exploration database containing more than 400 drill holes completed between 1968 and 2022
- Three modern Rockridge Resources (now Trident Resources) drill programs completed in 2019, 2021 and 2022, comprising 30 diamond drill holes totalling approximately 4,032 metres
- Standout drill results include:
- KF19003: 37.60 metres at 2.42% CuEq, including 13.15 metres at 5.05% CuEq
- KF21021: 14.02 metres at 2.34% CuEq, including 2.32 metres at 5.00% CuEq
- KF22030: 15.90 metres at 2.35% CuEq from 13.8 metres downhole
- 2021 VTEM airborne survey identified numerous conductive anomalies along the same prospective stratigraphy that hosts the Knife Lake Deposit
- Multiple regional exploration targets, including Redhill Lake, Scimitar Lake, Pistol Lake and Gilbert Lake
- Located in Saskatchewan, a leading global mining jurisdiction
Knife Lake Project Summary
The Knife Lake Project is an advanced-stage copper, silver, zinc, gold and cobalt exploration property, consisting of 54 mineral cliams totalling over 35,000 hectares, located approximately 130 kilometres north-northwest of Flin Flon in northeastern Saskatchewan. The Property hosts the near-surface Knife Lake Deposit, a stratabound VMS-style system averaging approximately 15 metres in thickness and dipping 30° to 45° eastward. The deposit has been defined over an approximate four-kilometre strike length across the Central-South, Bay and North zones, with an average down-dip extension of approximately 300 metres. The Property benefits from an extensive database of more than 400 drill holes generated through historical and modern exploration completed between 1968 and 2022. Rockridge Resources Ltd., now Trident Resources Corp., completed three diamond drill programs in 2019, 2021 and 2022 comprising 30 holes totalling approximately 4,032 metres.
The 2019 program confirmed broad, shallow copper mineralization and provided modern data supporting the historical mineral resource estimate. Highlight hole KF19003 intersected 37.60 metres grading 2.42% CuEq, including 13.15 metres grading 5.05% CuEq.
The 2021 program tested both the Knife Lake Deposit and regional targets along the Gilbert trend. Highlight hole KF21021 returned 14.02 metres grading 2.34% CuEq, including 2.32 metres grading 5.00% CuEq. The program also confirmed prospective VMS-style geology beyond the known deposit.
A 2021 VTEM airborne geophysical survey also identified numerous conductive anomalies along the same prospective stratigraphy that hosts the Knife Lake Deposit. Additional regional targets include Redhill Lake, Scimitar Lake, Pistol Lake and Gilbert Lake, providing opportunities for further discovery across the broader Property.
The 2022 program included infill and expansion drilling at Knife Lake, as well as regional testing at Gilbert South and Gilbert West. Highlight hole KF22030 intersected 15.90 metres grading 1.93% Cu, 0.26 g/t Au, 7.50 g/t Ag, 0.17% Zn and 0.02% Co, equivalent to 2.35% CuEq, beginning at 13.8 metres downhole.
Option Agreement Terms:
Under an option agreement dated July 13, 2026 with Trident Resources Corp., Apogee may acquire a 100% right, title and interest in the Property by paying Trident a total of $400,000 in cash, issuing 7,400,000 common shares of the Company plus common shares having an aggregate value of $700,000, and incurring a minimum of $1,000,000 in exploration expenditures on the Property, as follows:
| Date | Cash Payments | Share Issuances | Exploration Expenditures |
|---|---|---|---|
| On the Closing Date | $100,000 | 7,400,000 Shares | — |
| On or before the first anniversary of the Closing Date | $150,000 | Shares having deemed value of $350,000⁽¹⁾ | $500,000 |
| On or before the second anniversary of the Closing Date | $150,000 | Shares having deemed value of $350,000⁽¹⁾ | $500,000 (additional) |
| Total | $400,000 | 7,400,000 Shares plus Shares having deemed value of $700,000⁽¹⁾ | $1,000,000 |
(1) Shares to be issued at the greater of (i) $0.09, and (ii) the ten (10) day volume weighted average closing price of the Company’s shares on the TSX Venture Exchange at the applicable time. All shares issued pursuant to the agreement are subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
Apogee may accelerate the exercise of the Option at any time by completing the required payments and exploration expenditures, and may elect to satisfy any portion of the required exploration expenditures in cash. Apogee will act as operator on the Property during the option period. Upon exercise of the Option, Apogee will hold a 100% interest in the Property, subject to existing underlying royalties consisting of a 2.5% net smelter returns (“NSR”) royalty payable to Summit Royalties Ltd. and a 1.5% NSR royalty payable to a private individual on certain mineral claims comprising the Property.
The transaction remains subject to the acceptance of the TSX Venture Exchange.
Historical Mineral Resource Estimate:
The Knife Lake Project is host to a historical NI 43-101 compliant Mineral Resource Estimate (“MRE”) prepared for Rockridge Resources Ltd. with an effective date of June 12, 2019, which consisted of a pit-constrained Indicated Mineral Resource of 3.8 million tonnes at 1.02% CuEq (0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co and 1,740.7 ppm Zn) and an Inferred Mineral Resource of 7.9 million tonnes at 0.67% CuEq (0.53% Cu, 2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co and 1,454.9 ppm Zn), in each case at a 0.4% CuEq cut-off (the “Historical Estimate”).
The Historical Estimate is described in the technical report entitled “NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan” dated September 27, 2019, filed under Rockridge Resources Ltd.’s issuer profile on SEDAR+ (www.sedarplus.ca), and in Rockridge’s news release dated August 14, 2019. The technical report was prepared by Stephen Kenwood, P.Geo., Sue Bird, P.Eng., and Tracey Meintjes, P.Eng. The MRE was based on metal price assumptions of US$2.80/lb copper, US$1.20/lb zinc, US$18.00/lb cobalt, US$1,300/oz gold and US$17.00/oz silver, with an exchange rate of US$0.77 = C$1.00. The 0.4% CuEq cut-off is equivalent to a net smelter return (“NSR”) cut-off of approximately C$30 per tonne. Copper equivalent (CuEq) is calculated as CuEq = Cu% + (Zn% × 0.398) + (Co% × 5.901) + (Au g/t × 0.553) + (Ag g/t × 0.005), using recoveries of 95% Cu, 90% Zn, 89% Co, 80% Au and 55% Ag.
The Historical Estimate was prepared using the mineral resource categories set out in the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as in effect at the time of its preparation. The Company is not aware of a more recent mineral resource estimate for the Property. A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources, and the Company is not treating the Historical Estimate as current mineral resources. In order to verify the Historical Estimate as a current mineral resource estimate, the Company anticipates that additional work, including data verification, twinning of historical drill holes and updated resource modelling by a qualified person, would be required. The Historical Estimate is considered relevant and reliable as it was prepared by an independent qualified person using industry-standard practices and drill hole data, and it provides an indication of the exploration potential of the Property. Historical information may not be representative of expected results. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Qualified Person:
The scientific and technical information contained on this page has been reviewed and approved by John Shmyr, P.Geo., of Dahrouge Geological Consulting Ltd., a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan. Mr. Shmyr is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.