First Americas Gold Corporation (TSXV:FAC) Enters into Option Agreement to Acquire Precious and Base Metal Project in British Columbia - Video Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 8, 2013 - First Americas Gold Corporation
(TSXV:FAC) has entered into an option agreement has optioned the Chu Chua
Project in British Columbia. The 11,592 hectare property, located approximately
24 kilometres northeast of Barriere, consists of 61 contiguous mining claims.
The property is part of the mineral-rich Adams Plateau-Vanderby belt of south-
central British Columbia, host to both the Harper Creek and Sumatosum Deposits.
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There are at least 7 significant mineral occurrences on the property, the most
significant of which is Chu Chua North, an extension of the Chu Chua massive
sulphide deposit with a NI 43-101 compliant inferred resource measuring 2.5
million tonnes averaging 2% copper, 0.3% zinc, 9.4 grams per tonne silver and
0.5 grams per tonne gold, assuming a copper block cut-off grade of 1.0% and with
75% of the resource within 100 metres of the surface.
In order to acquire a 100% interest in the property, First Americas must issue
1 million shares, make cash payments totalling $500,000 and incur $2 million in
exploration expenditures. The cash and share payments are structured toward the
back end of a 4 year agreement. After these scheduled obligations are completed,
the optionors will retain a 2% net smelter return which First Americas may buy
out for a total of $1.5 million.
Drew Bonnell, President of the company commented, "Concluding this agreement is
a significant step forward for the company and I look forward to providing
further updates as we advance our plans and activities."
Dr. Bob Thompson, the company's geological advisor and board member added,
"Massive sulphides like Chu Chua tend to occur as a series of discrete pods -
presence of one often leads to the discovery of others along strike and at about
the same geological horizon..There is significant exploration potential to find
another Chu Chua-like massive sulphide deposit."
The company currently trades at $0.10, and with 8.1 million shares outstanding,
the company is capitalized at $810,000.
For more information please visit the company's website
www.FirstAmericasGold.com or contact Drew Bonnell at 604-601-8250.
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 08.07.2013 - 22:33 Uhr
Sprache: Deutsch
News-ID 276434
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