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Affinity Metals Enters into Option Agreement to Acquire Discovery Lake Gold Property Located in Ontario
Cardston, Alberta--(Newsfile Corp. - February 23, 2026) - Affinity Metals Corp. (CSE: AFF) (the "Company" or "Affinity Metals") announces that it has entered into an option agreement to acquire a 100% interest in the Discovery Lake property ("the Property") located near Sioux Lookout in the Province of Ontario, Canada.The Discovery Lake property is a large strategic land position exceeding 2,500 hectares located within the highly productive NW portion of Ontario. The property lies within the...
About this update from Affinity Metals Corp
[{"type":"text","content":"Cardston, Alberta--(Newsfile Corp. - February 23, 2026) - Affinity Metals Corp. (CSE: AFF) (the "Company" or "Affinity Metals") announces that it has entered into an option agreement to acquire a 100% interest in the Discovery Lake property ("the Property") located near Sioux Lookout in the Province of Ontario, Canada.","length":350,"tagName":"p"},{"type":"text","content":"The Discovery Lake property is a large strategic land position exceeding 2,500 hectares located within the highly productive NW portion of Ontario. The property lies within the Abram-Minnitaki Lake Greenstone Belt, a very active, high-grade gold-bearing region that is highly prospective for both gold and base metals.","length":318,"tagName":"p"},{"type":"text","content":"The Property is immediately adjacent to Heritage Mining's Drayton-Black Lake project where recent drilling reportedly intercepted a broad zone of gold mineralization within a thick, well-developed quartz vein system.","length":220,"tagName":"p"},{"type":"text","content":"Rob Edwards, CEO commented: "We are excited to expand into this area of Ontario, one of Canada's, and the world's, most prolific gold mining regions that is renowned for its high-grade gold deposits and having produced over 30 million ounces of gold to date. The Discovery Lake property itself has highly prospective underlying geology and is situated within a very active gold producing greenstone belt. The property has great access with additional infrastructure located close by. We look forward to planning the upcoming exploration program and getting boots on the ground."","length":596,"tagName":"p"},{"type":"text","content":"Terms of the Transaction","length":24,"tagName":"p"},{"type":"text","content":"The Company has signed a three-year option agreement (the "Agreement") with a private company owned by Perry English (the "Optionor") pursuant to which the Company may acquire a 100% interest in the Discovery Lake property. In order to fully exercise its option and acquire the Discovery Lake property, over a three year period the Company will pay an aggregate of $64,000 and issue 200,000 common shares of the Company. The Optionors will retain a 1.5% net smelter returns production royalty ("Royalty"). The Company or its assigns will have the right ...