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Sojourn Exploration Announces Acquisition of Seven Properties, $2.8 Million Financing, and New Management Team
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2018) - Sojourn Exploration Inc. (TSX...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"Sojourn Exploration Announces Acquisition of Seven Properties, $2.8 Million Financing, and New Management TeamVancouver, British Columbia--(Newsfile Corp. - August 9, 2018) - Sojourn Exploration Inc. (TSXV: SOJ) (\"Sojourn\") is pleased to announce it has entered into mineral property purchase agreements with Seven Devils Exploration Ltd. (\"Seven Devils\") for Seven Devils' Oxide Peak, Eagle, Rip and Teeta Creek properties (the \"Seven Devils Agreement\"), and with Millrock Resources Inc. (\"Millrock\") for Millrock's Willoughby, Oweegee, and Todd Creek properties (the \"Millrock Agreement\") (collectively, the \"Properties\"). Concurrent with these transactions, Sojourn is also undertaking a private placement to raise aggregate gross proceeds of up to $2,800,000 (the \"Placement\") to fund early stage exploration of the Properties. Upon completion of these transactions, Seven Devils' top-tier exploration team will form the management core of the new Sojourn.Following the acquisitions and financing, Sojourn's plan is to become a pre-eminent North American project generator, with an initial focus on British Columbia and its highly prospective Golden Triangle properties. Sojourn believes the Properties represent some of the most prospective targets available in this renowned mining district. Sojourn will provide geological expertise and funding to efficiently build value in the Properties, and with the creation of the new management team, it is one step closer to realizing its plan.Golden Triangle FocusThe Golden Triangle of northern British Columbia continues to be one of the key exploration areas within British Columbia and hosts several significant deposits including: Seabridge Gold's KSM Au-Cu porphyry deposit with total proven and probable reserves of 38.2 million ounces gold and 9.9 billion pounds copper; Barrick Gold's historic Eskay Creek Mine with production of 3 million ounces gold and 160 million ounces silver at an average grade of 48.4 g/t Au and 2,221 g/t Ag; and Pretium Resources' BruceJack epithermal gold deposit with proven and probable reserves of 6.9 million ounces gold.Investors are cautioned that Sojourn Exploration Inc. has not verified the data from the KSM, Eskay or BruceJack deposits. Further, the presence of mineralization on these three properties is not necessarily indicative of similar mineralization ...