Business
Valorem Resources Corporate Update – Black Dog Lake Option Update and Appointment of New Director
VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1) is pleased to a
About this update from Avanti Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce the inclusion of six (6) additional claims to its option (the \"Option\") on the Black Dog Lake property (the \"Property\"), and the appointment of Mr. Young Yuen to its board of directors effective immediately. Black Dog Lake Option A total of six (6) additional claims adjacent to the Property were added to the Option without additional consideration paid to the Property owner, other than the payment of the cost of staking. The Property is now comprised of 25 claims for a total of 1,319.4 hectares (see Figure 1). The original terms of the Option for the Property, which now includes the additional six (6) claims, remain unchanged. On August 6, 2020, the Company acquired the Option to acquire the Property, which is located in the James Bay region of Quebec. As announced in the Company's news release dated August 7, 2020, in order to exercise the Option, the Company is required to pay to the Property owner an aggregate of $195,000 and issue to the Property owner an aggregate of 2.75 million shares over three years, as well as completing $750,000 in exploration over the same three-year period. The Company is also required to issue an additional 1 million shares to the Property owner upon a proven reserve supported by an NI 43-101 compliant technical report that deems the Property to be economically feasible to continue development. To date, the Company has paid $80,000 and issued 1 million shares towards the exercise of the Option, and has expended $89,251 in exploration. The Company is required to make the remaining payments to the Property owner and spend the required remaining exploration expenditures prior to August 6, 2023 to fully exercise its Option. The Property is located within the Middle and Lower Eastmain Greenstone Belt (the “Eastmain Greenstone Belt”), which is part of the La Grande Subprovince in the James Bay Region of Quebec. The Property hosts the Black Dog Zone, which is described as an auriferous (i.e. gold-bearing) horizon of “silicified and carbonatized sulphide facies iron formation.” The zone is sheared, banded, and locally brecciated with up to 30% pyrrhotite, 5% pyrite, and trace chalcopyrite, and has magnesium rich carbonate present as vei...