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Clarity Gold Makes First Payment to Big Ridge for the Destiny Project
VANCOUVER, British Columbia, Jan. 27, 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. 27, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to announce that, further to its news release dated January 11, 2021, it has made a cash payment of $450,000 and issued 685,391 common shares (each, a “Share”) in the capital of the Company at a deemed price of $1.46 per Share for an aggregate deemed value of $1,000,000 to Big Ridge Gold Corp. (“Big Ridge”) (TSX-V: BRAU) on January 26, 2021 as the first payment under the Option Agreement dated November 27, 2020. The Shares issued under to Big Ridge are subject to a hold period expiring four months and one day from the date of issuance of the Shares. “Acquiring the Destiny Project is an important step for Clarity. Not only is it situated in the Abitibi Gold Belt, one of the world’s richest gold regions, but historic drilling delivered salient results of up to 167 g/t gold over 1.0 m with 25% of all 172 drill holes intercepting visible gold,” said James Rogers, CEO of Clarity. “Our team is working diligently to define the drilling plan that will test depth extension of the known mineralization at DAC and begin infill on GAP and Darla Zones. The Company intends to start drilling as soon as possible.” About the Destiny Project The 5,013 ha Destiny Project is located in the prolific Abitibi Greenstone Belt where more than 180 million ounces of gold have been produced historically and lies along a major structural break which is largely underexplored. The project has excellent infrastructure, with road access approximately 75 km NNE of the city of Val d’Or and has considerable work done to date including over 50,000 m of diamond drilling. For a more detailed account, the reader is encouraged to refer to the Company’s website. About the Option Agreement Under the Option Agreement, Big Ridge has granted the option (the “Option”) to the Company which may be exercised by the Company on or prior to the third anniversary of the closing of the transaction (the “Closing”) by making the following cash payments and issuances of common shares of the Company (each, a “Clarity Share”) on or before the dates indicated below: Payment Date Cash PaymentAmount Share Issuance $Amount Interest Earned Previously paid on execution ofthe letter of intent between theparties dated October 29, 2020 $50,000...