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Clarity Gold Advances Option to Acquire Destiny Project
VANCOUVER, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to a
About this update from Clarity Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to announce that all of the conditions precedent set forth in the previously announced option agreement (the “Option Agreement”) with Big Ridge Gold Corp. (“Big Ridge”) (TSX-V: BRAU) dated November 27, 2020 have now been satisfied which will enable the parties to move forward with their obligations under the Option Agreement. “We’re excited to move forward along our path to acquire the Destiny Project from Big Ridge,” said James Rogers, CEO of Clarity. “The acquisition of the Destiny Project is a transformational step for Clarity Gold as we become focused on advancing this exciting project in the prolific Abitibi Greenstone Belt. We have commenced planning the next steps of exploration and are looking forward to finalizing plans for an exploration program.” Under the Option Agreement, Clarity has the option (the “Option”) to acquire up to 100% of Big Ridge’s right, title and interest of the Destiny Project located in the prolific Abitibi Region in Quebec (the “Transaction”). In order to maintain the Option in good standing, Clarity must next make a cash payment of $450,000 and issue common shares in the capital of the Company having a value equivalent to $1,000,000 to Big Ridge on or before January 26, 2021. About the Destiny Project1 Located in the historical, mineral rich Abitibi Greenstone Belt. Gold mineralization occurs in high-grade quartz veins within shear zones starting at 15 m below surface (drill results include 167g/t Au over 1 m). 2011 NI 43-101 indicated resource of 360,000 oz and an inferred resource of 247,000 oz.1 Mineralization is open to depth and along strike. The DAC deposit is open along strike with only coarse drilling denoting high grade intercepts outside of 2011 resource area showing expansion potential along strike from the DAC Deposit over approximately 2.5 km to the Darla Zone. Excellent infrastructure: located ~75 km NNE of Val d’Or with road access. Considerable work done to date including over 50,000 m of diamond drilling. [1] Information extracted from the Technical Report entitled “NI 43-101 Technical Report and Resource Estimate of the DAC Deposit, Destiny Property, Quebec” dated March 1, 2011, authored by, Todd McCracken, P. Geo., and...