Intact Gold Acquires Past Producing Gold Hill - Blackjack Property
(firmenpresse) -
INTACT GOLD ACQUIRES PAST PRODUCING GOLD HILL - BLACKJACK PROPERTY
March 20, 2016 - Vancouver, BC - Intact Gold Corp. (TSX-V: ITG) (FSE: 1A5) (the Company or Intact Gold), is pleased to announce further to its news release February 11, 2016, that the Company has received approval for its property acquisition filing from the TSX Venture Exchange.
The property acquisition agreement was between King Bay Gold Corporation (King Bay) to acquire an undivided 100% interest in and to certain mineral properties, together with the surface rights, mineral rights, personal property and permits associated therewith (collectively, the Gold Hill - Blackjack Property or the Property), located in the Kenora Mining Division of Ontario.
The past producing Gold Hill gold mine historically produced 220 tons, grading 4.95 oz Au/ton, while the Blackjack historically produced a historical bulk sample of fifty tons at 0.33 oz Au/ton.
Anthony Jackson of Intact Gold comments: Intact is excited to complete the acquisition of the Gold Hill - Blackjack Property. This exciting addition of a historically proven high grade past producer strengthens the Companys portfolio, and is line with the Company's strategy of continuing to aggressively acquire additional high quality gold assets in the near term.
By way of consideration, the Company will make a cash payment of $10,000 and will issue 100,000 shares and 100,000 warrants exercisable at $0.345 for a period of two years. The property is subject to a 2-per-cent net smelter return (NSR) in favour of the original owners of the property, of which the company may repurchase 1 per cent for $1-million.
Intact Gold is currently planning a preliminary exploration program for the 2016 season.
About The Property
The Gold Hill - Blackjack Property is located in the Townships of Kirkup and Manross in the Kenora Mining Division of Ontario. The Property is approximately 20 kilometres southeast of the City of Kenora, Ontario and is accessible from Highway 17 east to the Storm Lake Road. The Property consists of one claim made up of 15 claim units, comprising a total of 600 acres.
The Property comprises the former Gold Hill gold property (4 shafts) and Blackjack property (1 shaft), both past producers, as well as the Golden Gate gold prospect (1 shaft), and the Combination Vein gold prospect (1 shaft). The Blackjack, Gold Hill, Golden Gate and Combination Vein properties were all mined in the late 1800's. Work ceased in 1899 when the mill at the Gold Hill mine burned down.
Gold Hill has a reported historical production of 220 tons, grading 4.95 oz Au/ton, for a total production of 1,089 ounces Au, and Blackjack produced a historical bulk sample of fifty tons at 0.33 oz Au/ton. Historically, at Gold Hill, gold occurs mainly in the Pebble Vein Zone, a series of quartz veins in a shear zone hosted by mafic volcanics within 1.6 kilometres of the western edge of the Dryberry batholith. This batholith appears to be similarly mineralized along its entire western contact. The Company is currently planning a preliminary exploration for the 2016 season to gain a better understanding of this mineralization on the property.
Due to the historic nature of the production estimates, Intact Gold is not treating these estimates as verifiable. A current National Instrument 43-101 report by a Qualified Person has not yet been compiled for the property, though a future exploration program will involve mapping and sampling the historic workings.
Qualified Person - David Hladky, P. Geo., is the Qualified Person as defined in National Instrument 43-101, that has reviewed and approved the contents of this press release. The contained information regarding past production is historical in nature and has not been confirmed.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTACT GOLD CORP.
Per: Anthony Jackson, President and CEO
For further information, please contact the Company at 604-283-1722.
Disclaimer for Forward-Looking Information
Except for statements of historical fact, this news release contains certain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as plan, expect, project, intend, believe, anticipate, estimate and other similar words, or statements that certain events or conditions may occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the acquisition of the Property. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the Company may not have the funds necessary to make its payments pursuant to the Agreement, that the TSX-V may not approve the transaction, and other factors beyond the control of the Company. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward-looking information in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Datum: 21.03.2016 - 10:20 Uhr
Sprache: Deutsch
News-ID 458711
Anzahl Zeichen: 5822
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