Vancouver, British Columbia--(Newsfile Corp. - October 12, 2018) - Deer Horn Capital (CSE: DHC) (OTCBB: GODYF) has signed a binding Letter of Intent with Colorado Klondike LLC to acquire a purchase option on the Colorado Klondike tellurium property. The Colorado Klondike property, located in south-central Colorado, USA, is a tellurium prospect previously held by First Solar Inc. as a potential primary source of tellurium for the company's cadmium-telluride solar panels.
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The property is located 16 kilometers from the small town of Saguache and is easily accessible via paved and gravel roads. It is situated on the lower, south-facing slopes of the Cochetopa Hills on the northwest margin of the semi-arid San Luis Valley.
Colorado Klondike LLC, operated by former First Solar management, acquired the property in 2013 after First Solar terminated its worldwide raw materials exploration program. In the 2015 Colorado Mineral and Energy Industry Activities 2014-2015 publication, the Colorado Geological Survey, in partnership with the Colorado School of Mines, reported on work performed by First Solar on the property.
In particular, the CGS noted: "Surface sampling by First Solar, Inc. in 2006 found very high tellurium grades of up to 3.3% (33,000 ppm), along with locally high gold grades. Tellurium occurs principally as the native element and as altaite, a lead-telluride mineral. First Solar is the world's largest manufacturer of thin-film solar modules and tellurium is a critical element in the photovoltaic material. Tellurium grades at Klondike were the highest encountered in the company's nationwide exploration program. First Solar acquired the land in 2010 and began systematic exploration including geophysical investigations. However, the company discontinued their tellurium development program in early 2012 and sold the property to Colorado Klondike LLC."
First Solar also conducted geophysics, drill program planning and permitting on the Colorado Property, preparing for an extensive exploration program before selling the property to Colorado Klondike LLC.
Tyrone Docherty, President and CEO, stated: "We're very happy to be expanding our tellurium property portfolio at a time when technology is discovering important new applications for the metal. It's also important that Colorado Klondike gives us an asset that can be explored for most of the year."
The company is conducting further due diligence on the property in anticipation of signing a full agreement later in the year.
Deer Horn's flagship property, a gold-silver-tellurium deposit in west-central British Columbia, is located 135 kilometres southwest of the community of Burns Lake and 36 kilometres south of the Huckleberry mine. Deer Horn has produced positive economics in a Preliminary Economic Analysis and, to management's knowledge, hosts Canada's only NI 43-101 tellurium resource. The PEA was calculated from only 450 metres of a 2.4 kilometre-long mineralized system that remains open to the west, east and down-dip.
According to a 2017 "Critical Mineral Resources" report by the United States Geological Survey, Tellurium is a very rare element that averages only 3 parts per billion in Earth's upper crust. It is three times rarer than gold, comparable to the rarity of platinum and rarer than most "rare earth" metals. The USGS report identified: "The Deer Horn intermediate-sulfidation epithermal deposit in west-central British Columbia, Canada, contains high gold and silver grades with abundant base-metal sulfides and telluride minerals."
For more information, please visit the company's website at www.deerhorncapital.ca, contact Tyrone Docherty, President and CEO, at 604-789-5653 or email email@example.com. Investor relations is handled by Craig Doctor, who can be reached at 604-278-4656 or by email at craig@DocsConsultingltd.com.
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