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Avidian Gold Announces Spinout of its Canadian Property And Value Creation Initiative through High Tide Resources
Toronto, Ontario / TheNewswire / November 26, 2018 - Avidian Gold Corp. ("Avidian" or the "Company") (TSX-V:AVG) is pleased to announce that it has spun out its
About this update from Avidian Gold Corp.
[{"type":"text","content":"Toronto, Ontario / TheNewswire / November 26, 2018 - Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSX-V:AVG) is pleased to announce that it has spun out its Strickland base metal project located in southern Newfoundland, into a 100%-owned Ontario incorporated private company called High Tide Resources Corp. (\"High Tide\"). Avidian's goal will be to take High Tide public within the next 18 months. The creation of High Tide is part of Avidian's value creation initiative whereby any property asset that is not deemed to be core to its portfolio or is not being properly valued within Avidian will be spun out into a subsidiary company. The objective is to maximize shareholder value for Avidian properties held in Canada and Nevada. Key benefits to Avidian and its shareholders include: No financial dilution to Avidian; Avidian will retain a 50% interest in High Tide following a flow-through share financing; and Avidian, via its share ownership, will have exposure to any exploration success High Tide has in Newfoundland. High Tide has also entered into an option agreement to acquire a 100% interest in the Black Raven Gold Project, located in northern Newfoundland. High Tide's Board of Directors will mirror the current board of Avidian comprised of Messrs David Anderson, Doug Kirwin, James Polson, Nick Tintor and Dino Titaro, with Mr. David Anderson appointed as Chairman and CEO of High Tide. High Tide Properties Figure 1 below shows the location of the two High Tide properties in Newfoundland. Black Raven The 12.25 sq km Black Raven property hosts numerous high-grade gold showings where grab samples include 32.1 g/t Au, 18.3 g/t Au and 14.0 g/t Au, with elevated to high-grade copper, lead and zinc values and anomalous silver and molybdenum. The highest metals values from different grab samples are 671 g/t Ag, 3.8% Cu, 32.0% Pb, 10.6% Zn and 8,370 ppm Mo. Although the property as a whole is significantly underexplored, approximately 10% has been surveyed by a ground IP/resistivity geophysical program that has identified several chargeability anomalies proximal to known mineralization. It is anticipated that drill targets can be developed quickly in these areas and in other areas of untested surface mineralization where High Tide has defined five areas for its immediate exploration focus. The mineralization model is an Intrusion R...