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Braveheart Announces New Option Agreement to Acquire Alpine Gold Mine Property
Calgary, Alberta--(Newsfile Corp. - March 3, 2021) - Braveheart Resources Inc. (TSXV: BHT) (O...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Braveheart Announces New Option Agreement to Acquire Alpine Gold Mine PropertyCalgary, Alberta--(Newsfile Corp. - March 3, 2021) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (\"Braveheart\" or the \"Company\") is pleased to announce that it has entered into a new option agreement to acquire a 100% interest in the past-producing Alpine Mine Property (\"Alpine\") near Nelson, British Columbia. Braveheart previously held an option on the property during the period November 2016 until December 2019. The original option agreement was terminated when the Company failed to make a staged progress payment. Gold (\"Au\") prices have significantly improved in recent months with the six-month trailing average exceeding USD$1,800 per ounce. When Braveheart originally entered an option on the property, the price of gold was USD$1,200 per ounce.Terms of the new option agreement include the following, and are subject to the required approval of the TSX Venture Exchange:Issuance of 1,000,000 shares of Braveheart on signing to the Optionor.A cash payment of $100,000 to the Optionor by April 15, 2022.Property expenditures of approximately $700,000 to complete permitting and construction of an upgraded road to the mine site from Nelson by December 22, 2022.A cash payment of $1,400,000 to the Optionor by December 15, 2023.A cash payment of $1,500,000 to the Optionor by December 15, 2024.Based on historical records, maintained by the BC Ministry of Energy and Mines, Alpine produced approximately 11,460 ounces of Au from 16,800 tonnes of mineralized material between 1938 and 1948 representing a mined grade of 21.2 grams per tonne (\"g/t\") or 0.68 ounces per tonne of Au. Historic development includes over 1,650 metres of underground drifts, crosscuts and raises, and the mine is dry.To date the Company has invested over $1.0 million into the property primarily in terms of diamond drilling from surface. Additionally, the Company commissioned a NI 43-101 Technical Report (\"Report\") for Alpine. The Report, which was completed by Giroux Consultants Ltd (\"Giroux\") of North Vancouver, BC and TerraLogic Exploration Inc. of Cranbrook, BC, was published on March 6, 2018 and is available on Braveheart's SEDAR profile at www.sedar.com. Based on a 5.0 g/t Au cut-off grade, Giroux calculated an Inferred Mineral Resource of 268,000 tonnes of mineralize...