Argo Gold Inc. (CSE: ARQ) ("Argo Gold" or the "Company") has entered into a mining claim acquisition agreement with Denison Mines Inc. ("Denison") pursuant to which Argo Gold can acquire a 100% interest certain mineral claims located near Talbot Lake, in the Pickle Lake area of the Patricia Mining District in exchange for an aggregate of $135,000 cash and 1,350,000 common shares of the Company and the grant of a 2% net smelter return on the property (with a 1% buyback for $1,000,000). In addition, if Argo Gold establishes an aggregate mineral resource (in all categories) on the Talbot Lake Gold Project of greater than 1 million ounces of gold or gold equivalent using the CIM Definition Standards on Mineral Resources adopted by CIM Council and reported in accordance with National Instrument 43-101, the Company will make a one-time payment to Denison of $1,500,000 in cash or common shares which equates to $1.50 per ounce of gold resource. The mineral claims are also subject to the Bruce Royalty which is 3% of exploration expenses to a maximum of $245,180; and $100,000 owing on a production decision. The acquisition of the mineral claims is subject to receipt of regulatory approval and the common shares issuable thereunder will be subject to a statutory hold period of four months and one day from the date of issuance.
The Talbot Lake Gold Project consists of 760 hectares underlain by a sequence of tholeiitic to komatiitic basalt containing several unexplored iron formations, and one partially-explored high grade vein-type gold deposit. In addition to this acquisition, Argo Gold has staked an additional 399 claim units for a total of 7,982 hectares covering the geological strike extension of the Talbot Lake Gold Project. Argo Gold now controls a total of 23 line kilometres of iron formation containing very high-quality exploration targets for additional gold mineralization. |
Thread abonnieren
