Adds Two More Manitoba Properties To Portfolio
1911 Gold Corporation (TSXV:AUMB) (OTCQX: AUMBF) has signed definitive agreements for the acquisition of 100 per cent interest in two exploration properties located approximately 20km east of Bissett, Manitoba, site of the company’s True North Complex.
The Palomar Lake Property, held by a consortium of three local prospectors comprises 15 contiguous mining claims, totalling 1,073 hectares, that adjoin the company’s Central Manitoba and Rice Lake properties.
These three properties, thus consolidated into one contiguous claim block for the first time in history, extend continuously along the Rice Lake greenstone belt for close to 90 km and include highly prospective geology, crustal-scale structures, and numerous past-producing mines and significant gold showings, in addition to the company’s active exploration projects.
The terms of the Palomar Lake Property transaction set out in the definitive agreement include:
- 1911 Gold will acquire 100 per cent of the Palomar Lake Property
- 1911 Gold will issue, subject to TSX-V approval, 180,000 common shares to CGW
- 1911 Gold will make a cash payment of $90,000 to CGW
The Pleiades Property, held by Pleiades Mineral Exploration Ltd, comprises a single mining claim (105 hectares) that adjoins, and consolidates, the company’s Moore Lake (Angelina) property. With this acquisition, the company’s 100 per cent-owned land position in the Rice Lake belt now consists of a single claim block totalling more than 58,600 hectares in area.
The terms of the Pleiades Property transaction set out in the definitive agreement include:
- 1911 Gold will acquire 100 per cent of the Property
- 1911 Gold will issue, subject to TSX-V approval, 15,000 common shares to Pleiades
- 1911 Gold will make a cash payment of $10,000 to Pleiades
- Pleiades will retain a 1.0 per cent net smelter returns royalty, half (0.5%) of which may be purchased by 1911 Gold at any time for payment of $100,000.
“These two acquisitions further consolidate the company’s dominant land position in the Rice Lake belt, including the previously-fragmented claim fabric in the prospective structural corridor that extends between our main Rice Lake and Central Manitoba claim blocks,” Scott Anderson, Vice President, Exploration, said/
“The acquisitions will facilitate a larger-scale exploration of this area and come with over $450,000 in excess work credits. Both properties include significant gold showings along kilometre-scale structures that have seen only localised historical drilling and will be further evaluated by the company going forward”.
For further information please visit: https://www.1911gold.com/