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Damara Announces Exercise of Option to Acquire a 75% Interest in the Placer Mountain Property
(TheNewswire) TheNewswire - April 30, 2021 - DAMARA GOLD CORP. (TSXV:...
About this update from Bronco Resources Corp.
[{"type":"text","content":"Damara Announces Exercise of Option to Acquire a 75% Interest in the Placer Mountain Property\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n TheNewswire -\n \n \n April 30, 2021 -\n \n \n DAMARA GOLD CORP. (TSXV:DMR)\n \n \n (OTC:SLMZF)\n \n \n (“\n \n \n Damara\n \n \n ” or the\n“\n \n \n Company\n \n \n ”)\n \n \n is pleased to announce having\ncompleted the minimum work commitment of $300,000 at the Placer\nMountain Property (“\n \n \n Placer\nMountain\n \n \n ” or the\n \n \n “Property”\n \n \n ) the\nCompany has exercised the option to acquire a 75% interest in the\nProperty.\n \n \n \n \n As previously announced, Placer Mountain is under\noption (“the “\n \n \n Option\n \n \n ”) from Universal Copper Ltd.\n(“\n \n \n Universal”\n \n \n ) and Sydney Wilson (“\n \n \n Wilson\n \n \n ”) via an assignment agreement (the\n“\n \n \n Assignment\n \n \n ”) between Damara and Canagold Resources Ltd.\n(“\n \n \n Canagold\n \n \n ”) (\n \n \n see news\nreleases – December 7, 2020 and October 19, 2020\n \n \n ).\n \n \n \n \n Pursuant to the exercise of the Option, Damara and\nUniversal shall form a 75% - 25% joint venture (the “\n \n \n JV\n \n \n ”) and within 75\ndays enter into a definitive joint venture agreement (the\n“\n \n \n JV Agreement”\n \n \n ).  Execution of the JV Agreement is subject to a cash\npayment of $25,000 to Universal.\n \n \n \n \n Larry Nagy,\nPresident and CEO of Damara stated\n \n \n “We are pleased to have completed the\ninitial earn-in expenditures\n \n \n and look forward to recommencing exploration activities at the\nproperty in 2021\n \n \n .  Damara\n \n \n and Universal will now form a\nJV Management Committee with Damara as the Operator of the JV.  The\nCommittee will meet to review and approve the next phase of\nexploration to further test the Alpha Vein and other unexplored\ntargets on the property\"\n \n \n .\n \n \n \n \n About Placer Mountain\n \n \n \n \n The Placer Mountain Property is comprised of 22 mineral\nclaims covering approximately 8,955 hectares located approximately\n35km south of Princeton\n \n \n , British Columbia and is\nsubject to the Universal and Wilson NSR.\n \n \n \n \n Exploration high...