The Hai Property is comprised of 7 located lode claims covering historical gold workings known as the Little Chief Extension in the Lemhi Counties of Idaho. The claim group comprising the Hai property is part of a larger area that was the subject of modern exploration in the mid 1990s.
The Hai Property was included in a portfolio of projects in Idaho that Otis joint ventured from Bayswater Uranium as part of its agreement to earn an interest in the Kilgore Gold Project in June 2008.
On June 30, 2017, Otis Capital USA Corp. (a wholly owned subsidiary of Otis) has sold the Hai and Goldbug projects to Revival Gold Inc. Otis will be issued 2,750,000 common shares of Revival at a deemed price of $0.25 per share, for total deemed consideration of CDN$687,500.
The Hai Property is part of the original Kilgore land position which comprises a large, 5 square mile, volcanic-hosted disseminated epithermal hot-spring gold system situated on the northern margin of the eastern Snake River Plain. Potentially ore-grade mineralization was encountered in drill holes and surface samples completed by Meridian Gold and others on the Hai claims but sufficient work was not completed to determine the economic significance of this mineralization.
Geology and Mineralization
Mineralization is of Pliocene age and is hosted within Miocene age lithic and crystal tuff on the margin of a caldera setting. Mineralization style and setting, host rock type and thickness, and overall size of the mineralizing system are analogous to those characterizing the Round Mountain, Nevada and McDonald Meadows, Montana multi-million ounce volcanic-hosted disseminated gold deposits.
No exploration has been conducted by Otis on this project to date.
No mineral resources have been defined to date.