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Angus Ventures Enters Into Definitive Purchase Agreement to Acquire the Slate Bay Property in Red Lake, Ontario
TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Angus Ventures Inc. (TSX-V: GUS.P) (“Angus” or the “Corporation”) is pleased to announce that it has entered into a
About this update from Canstar Resources Inc.
[{"type":"text","content":" TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Angus Ventures Inc. (TSX-V: GUS.P) (“Angus” or the “Corporation”) is pleased to announce that it has entered into a definitive asset purchase agreement (the “Agreement”) with Luxor Exploration Inc. (“Luxor”), a private company incorporated under the Business Corporations Act (Ontario), and Canstar Resources Inc. (TSX-V: ROX) (OTCQB: CSRNF) (“Canstar”), a company incorporated under the Business Corporations Act (Ontario), dated April 25, 2019. Pursuant to the Agreement, Angus will acquire an aggregate 100% interest in the Slate Bay property (the “Property”) from Luxor and Canstar (the “Proposed Transaction”). Angus will acquire Canstar’s 75% interest in the Property in consideration for the payment to Canstar of $30,000 and issuance to Canstar of 70,000 common shares of the Corporation. Angus will also acquire Luxor’s 25% interest in the Property in consideration for the payment to Luxor of $30,000. The Proposed Transaction will, if completed, constitute Angus’ “Qualifying Transaction” as such term is defined in Policy 2.4 – Capital Pool Companies (“Policy 2.4”) of the TSX Venture Exchange (the “TSXV”). All figures are stated in Canadian dollars unless otherwise noted. The Slate Bay Property The Slate Bay Property is an exploration property prospective for a copper-gold-silver skarn mineralized system located in the Red Lake gold mining district in the Province of Ontario. The Property is located 10 kilometres north of the town of Red Lake, Ontario, within the Red Lake greenstone belt and consists of the eight patented mining claims in southern McDonough Township within the Red Lake gold camp. The Property is royalty-free. No resources or reserves exist on the Property. Canstar and its predecessor conducted three programs of drilling on the Property totaling 2,300 meters of drilling from 2002 to 2008. Additionally, there was historical exploration programs completed on the property from the 1930s to 1980s. Management believes the previous exploration results confirm the significance of the Slate Bay skarn system in terms of its size and intensity as well as its exploration potential. Skarn deposits as a class constitute an important source of copper, gold and silver worldwide. At Slate Bay, a large mineralized (locally intensely mineralized) system of considerable thickness has been id...