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Clarity Gold Provides Update on Option Agreement for Destiny Project
VANCOUVER, British Columbia, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) announces that,
About this update from Clarity Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) announces that, after careful consideration of the exploration program conducted and results received to date, the Company has decided not to continue with the exploration program and has provided cancellation notice pursuant to the option agreement with Big Ridge Gold Corp. (“Big Ridge”) dated November 27, 2020 for the Destiny Project (the “Option Agreement”). Under the terms of the Option Agreement, Clarity would be required to make a cash payment to Big Ridge of $750,000 and issue to Big Ridge common shares in the capital of the Company having a value equivalent to $1,000,000. The Company sought an extension to the Option Agreement terms thereby allowing Clarity to receive and evaluate additional exploration results, however Big Ridge refused to provide such an extension. “We believe the company can achieve greater value for our shareholders by preserving our treasury and equity.” stated CEO, James Rogers. “The results of the drilling received to date did not fully support the exploration thesis and as such the Company made the decision to provide a cancellation notice to Big Ridge. This will enable Clarity to preserve its cash reserves and focus on advancing its other wholly owned assets as well as evaluate additional projects.” Clarity will still own the 2 private lots which cover approximately 82Ha of the Destiny Project. The Company is still awaiting results from its 2021 exploration program on its Empirical Project and will provide an update when results are received and processed. About the Empirical Project The Company’s 100% owned gold-copper-molybdenum porphyry project, the Empirical Project, is located 12 km south of Lillooet, British Columbia, and covers 10,518 ha. The Empirical Project is situated in the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal Corporation’s historic Huckleberry Mine and Noranda’s historic Babine Porphyry camp. Between 1981 – 1986, six out of fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which assayed 3.67 g/t gold over 21 m from 36m. Previous exploration focused on molybdenite without an understanding or aim of targeting a larger porphyry system. For more info...