Upside Gold Corp. (CSE: UG) (FSE: 47I) (OTCQB: UGODF) announced the signing of a Letter of Intent (LOI) with a local prospector to acquire seven mineral claims totaling approximately 273 hectares located on the northwest side of the Company’s Kena Gold-Copper Property in southeastern British Columbia. The proposed acquisition aims to strengthen the continuity of the Kena land package by consolidating adjacent ground along a prospective trend, supporting the Company’s strategy of building scale across the Kena system.
The claims cover historically mineralized areas and encompass the original six reverted Crown grants that formed the historic Venus-Juno Group. This group recorded past production of approximately 5,411 tonnes grading an average of 19.8 g/t gold and 17.7 g/t silver, with minor copper and lead, during the first half of the 20th century. This history of high-grade production underscores the presence of mineralization within the broader district and reinforces the exploration potential of this largely under-explored portion of the property.
Geologically, the claims are underlain by altered mafic volcanic rocks of the Elise Formation adjacent to the Nelson granodiorite intrusion—the same regional geological setting that hosts gold and copper mineralization at Kena. Mineralization on the newly acquired claims is characterized by quartz veins and stringers containing pyrite, galena, sphalerite, and copper sulphides, consistent with mineralization styles observed elsewhere across the Kena Property.
The Company plans to conduct a systematic surface evaluation program to assess the extent and continuity of gold-silver mineralization across the newly acquired claims and to determine their potential contribution to the broader Kena exploration model. The Kena Project currently hosts a historical gold resource comprising an Indicated Mineral Resource of 32,146,000 tonnes at an average grade of 0.544 g/t Au for 0.561 million ounces of gold, and an Inferred Mineral Resource of 177,507,000 tonnes at an average grade of 0.486 g/t Au for 2.77 million ounces of gold, as disclosed in a technical report dated May 3, 2021, and filed on SEDAR.
The information in this press release has been reviewed and approved by Trevor Boyd, P.Geo., Vice President, Exploration of the Company and a Qualified Person for the technical information under NI 43-101 standards. The Company is focused on advancing the Kena Gold-Copper Project through systematic exploration and drilling programs.
This acquisition is significant for Upside Gold as it consolidates ground with a history of high-grade production adjacent to its flagship Kena Property. The Venus-Juno Group’s past production of nearly 20 g/t gold demonstrates the potential for high-grade mineralization in the area, which could complement the bulk-tonnage gold-copper resources already identified at Kena. By bringing these claims under its control, Upside Gold can apply modern exploration techniques to evaluate the full extent of mineralization and potentially enhance the overall project economics.
For the industry and investors, this move underscores the strategic value of consolidating land positions in established mining districts. The Kena Property is located approximately 7 kilometres southwest of Nelson, British Columbia, a region with a rich mining history and supportive infrastructure. The addition of these claims could expand the resource base and extend the mine life of any future development, providing Upside Gold with a more robust asset in a jurisdiction known for its mining-friendly policies.
Upside Gold Corp. is a Canadian gold-copper exploration company that has entered into an option agreement to acquire a 100% interest in the Kena Gold-Copper Project, which consists of 198 mineral claims covering 10,114.8 hectares, together with 11 crown grants covering approximately 92 hectares. The Company’s forward-looking plans include conducting surface evaluation programs to assess the newly acquired claims and determine their contribution to the broader exploration model. As with all exploration activities, there are inherent risks, including uncertainties regarding the estimation of mineral resources and the need for additional drilling to upgrade historical estimates to current mineral resources.
