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African Metals Corporation and Frederick Private Equity Corporation Sign Agreement on the Silver Bell - St. Lawrence Gold Project, Montana
TORONTO, ON / ACCESSWIRE / April 26, 2019 / African Metals Corporation (the "Company") [TSXV:...
About this update from Afr Nuventure Resources Inc
[{"type":"text","content":"African Metals Corporation and Frederick Private Equity Corporation Sign Agreement on the Silver Bell - St. Lawrence Gold Project, MontanaTORONTO, ON / ACCESSWIRE / April 26, 2019 / African Metals Corporation (the \"Company\") [TSXV: AFR.H [formerly AFR)] is pleased to announce that it has entered into an agreement whereby the Company may acquire a majority interest in the Silver Bell - St. Lawrence Gold Project, in the Virginia City Mining District of Montana, U.S.A. from Frederick Private Equity Corporation (\"Frederick PEC\"). Under the Agreement, the Company may initially earn a 51% interest in the Project by making annual US$10,000 option payments and spending US$1,000,000 in exploration expenditures within four years with a minimum of $200,000 in expenditures during the first year. The Project comprises a 390-acre claim package located about 4 miles southwest of Virginia City in Madison County, Montana, and about 50 miles southeast of Butte, Montana. There is also an area of interest around the Project.The Project hosts two past producing gold-silver mines, the Silver Bell Mine on the west and the St. Lawrence Mine on the east. Both mines operated in the early 1900s and the St. Lawrence was reactivated and operated in the early 1980s. Historical production records are incomplete but available information suggests that historical production at the St. Lawrence was approximately 0.22 ounces per ton (\"opt\") gold and 3.8 opt silver. Smelter receipts for small shipments from the St. Lawrence indicate that some ore with much higher grades was shipped. For example, a smelter receipt from October 30, 1964 states that 8.027 tons were received grading 0.76 opt gold and 20.0 opt silver. Historical production at the Silver Bell averaged approximately 0.2 opt gold and 15.1 opt silver.The shafts for each of the former mines are located 3,600 feet apart and the exploration hypothesis is that the two mines shared mineralized systems that may in part be contiguous. Surface mapping and geophysical surveying by the Company support this initial hypothesis and may indicate extension of the vein system farther east along strike from the St. Lawrence mine.The Company announced on January 3, 2019 that it had completed the sale of all or substantially all of its assets as approved by special resolution of its shareholders and that it was in the ...