Goldrea Resources Corp. announced that recent technical studies show the company's Cannonball Project covers the projected extension of a new porphyry copper-gold district reported by Seabridge Gold on December 14, 2023. The Seabridge states that the 2023 drill program at the Snip North Prospect discovered a new porphyry mineral system on the north side of the Iskut River approximately five kilometers north of the former Snip Mine and ten kilometers south of the Cannonball Project.

Notably, Seabridge reported that regional geophysical surveys and surface geology identified a district scale, northeast trending structural corridor that connects their Quartz Rise, Bronson Slope and Snip North porphyry targets. Seabridge also states that the new trend has characteristics similar to the cluster of porphyry systems they have defined at their KSM Project approximately fifty kilometers to the southeast. In 2015, BC government geologists (BCGS) Jeff Kyba and Joanne Nelson recognized that all of the important Golden Triangle gold and copper deposits occur within two kilometers of the contact between Jurassic and Triassic aged rocks typically in proximity to Early Jurassic aged felsic intrusions, referred to as the `Texas Creek Suite'.

To support ongoing exploration work, Kyba and Nelson called this stratigraphic contact the `Red Line' and used the existing BC government geological maps to define this important marker throughout the Golden Triangle. As a result of mapping errors dating back to the 1990's, the Red Line was not defined within the Cannonball Project area.