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Bullion Gold Resources Announces Sale of Turgeon Lake Property to Xcite Resources
MONTREAL, April 14, 2023 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or “the Company”) is pleased to announce that it has exec
About this update from Bullion Gold Resources Corp.
[{"type":"text","content":" MONTREAL, April 14, 2023 (GLOBE NEWSWIRE) -- Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or “the Company”) is pleased to announce that it has executed a purchase and sale agreement (the “Agreement”) dated as of April 12, 2023, with Xcite Resources Inc. (“Xcite”) pursuant to which Xcite will acquire a 100% interest in the Turgeon Lake Property (the “Property”). The Property is comprised of 39 mining cells covering approximately 2,067 hectares in the Province of Quebec. Xcite previously had an option to acquire the Property from Bullion Gold pursuant to an option agreement, but the parties have agreed to replace the option agreement with the Agreement. Pursuant to the Agreement, Xcite will acquire the Property from Bullion Gold by making a cash payment of $20,000 and by issuing 600,000 common shares of Xcite (each a “Share”, at a deemed price of $0.08625 per Share) to Bullion on closing of the transaction, representing an aggregate purchase price of $71,750. In addition, under the Agreement Xcite will grant Bullion a 2% net smelter returns royalty on the Property (the “NSR”), with Xcite having the right to purchase one-half of the NSR (1%) from Bullion for $1,000,000. Closing is subject to receipt of all necessary regulatory approvals. The transaction is an arms-length transaction for the Company and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the CSE. Bousquet Gold For the northern part of the property, the Company is planning a prospecting campaign and potentially a geochemical survey for this entire region. Depending on the results, we will assess the relevance of a drilling program. For the southern part of the property, the company is planning for a fall drilling program on the Decoeur showing. The Bousquet project is located in one of the most active mining camps in Canada. The main gold showings (best results : BO-21-08 : 16.97 g/t Au over 9 M) are in the southern part of the property. A sheared and folded corridor containing the Paquin (East and West), Decoeur, Joannès and CB1 gold showings crosses the southern part of the Bousquet property over nearly 3 km. The northern part of the property, located north of the very prolific gold-bearing Cadillac-Larder Lake (CLL) fault, has practically never been tested by drilling despite...