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1911 Gold Announces Sale of Its Non-Core Tully Property in Ontario
1911 Gold Announces Sale of Its Non-Core Tully Property in Ontario Canada NewsWire ...
About this update from 1911 Gold Corp.
[{"type":"text","content":"\n \n \n \n 1911 Gold Announces Sale of Its Non-Core Tully Property in Ontario\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 8, 2023\n \n \n /CNW/ -\n \n 1911 Gold Corporation (\"1911 Gold\" or the \"Company\") (TSX-V: AUMB) (OTC: AUMBF)\n \n is pleased to announce that it has entered into a purchase agreement with Fulcrum Metals PLC (LON: FMET) (\"Fulcrum\") for the sale of its 100% interest in eleven mining claims and a mining lease located northeast of\n \n Timmins, Ontario\n \n (the \"Tully Property\").\n \n \n \n \n \n \n \n \n \n Pursuant to the terms of the purchase agreement, the Company will receive total consideration comprised of\n \n C$800,000\n \n in cash and a 1.5% net smelter returns royalty (\"NSR\") on the Tully property. Fulcrum will have the option to repurchase up to 1% of the NSR with cash payments of\n \n C$300,000\n \n for each 0.5% repurchased.\n \n \n \"The sale of our Tully property, along with the recently announced agreement with Grid Metals Corp, will provide capital needed to continue exploration activities Rice Lake, our core property located in\n \n Manitoba\n \n .\" stated\n \n Shaun Heinrichs\n \n , President and CEO of 1911 Gold. \"Our focus in the near term will be on obtaining and incorporating the results from our last drill program at\n \n Central Manitoba\n \n and prepare for the next phase of exploration on this past producer. We will also continue to pursue opportunities to optimize and enhance the existing True North underground resource through additional exploration and land acquisitions.\"\n \n \n \n About Tully Property\n \n \n \n The Tully property, 458 hectares in area, is located 30 kilometres northeast of\n \n Timmins, Ontario\n \n and includes the Tully (\n \n Timmins North\n \n ) deposit, which has been the focus of several drilling campaigns since its discovery in 1969. The Tully deposit is located 2 kilometres southwest of the Bradshaw Gold Project of Gowest Gold Ltd., currently in development. The property is accessed by an all-weather ...