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Power Group Announces LOI with 1315843 B.C. Ltd.
Toronto, Ontario--(Newsfile Corp. - October 18, 2021) - Power Group Projects Corp. (TSXV: PGP...
About this update from Power Group Projects Corp.
[{"type":"text","content":"Power Group Announces LOI with 1315843 B.C. Ltd.Toronto, Ontario--(Newsfile Corp. - October 18, 2021) - Power Group Projects Corp. (TSXV: PGP) (the \"Company\") is pleased to announce that it has entered into an arm's length non-binding letter of intent (the \"LOI\") dated October 14, 2021 with 1315843 B.C. Ltd. (\"BCCo\") to acquire all of the issued and outstanding common shares in the capital of BCCo (the \"Transaction\"). BCCo is a private company incorporated under the laws of the Province of British Columbia, whose sole asset is an option agreement dated August 9, 2021 (the \"Option Agreement\") with Cloudbreak Discovery PLC (\"Cloudbreak\") and Cloudbreak Discovery (Canada) Ltd. (together with Cloudbreak, the \"Optionor\"), whereby BCCo has the option (the \"Option\") to earn a 75% interest in certain mineral claims in the Province of British Columbia (the \"Property\" or the \"Atlin West Project\").As consideration for the Transaction, the Company will: (i) issue an aggregate of 24,000,000 common shares in the capital of the Company (the \"Common Shares\"), at a price of $0.045 per Common Share to the shareholders of BCCo; (ii) make a refundable cash payment in the amount of $50,000 to BCCo upon signing of the LOI, to be released upon signing of a definitive agreement, and (iii) a cash payment in the amount of $50,000 to BCCo upon closing of the proposed transaction. The Atlin West Project is underlain by undivided sedimentary and volcanic rocks of the Cache Creek Complex, which have been subsequently intruded by late Cretaceous felsic volcanic and intrusive rocks. The area is bounded by the Nahlin fault and cross-cut by east-west and northwest trending faults.These structures are known to be associated with base and precious metals in the region, specifically t the Engineer or Yellowjacket mines. Mineralization on the property includes the Dundee/Table Mountain showing (BC MINFILE 104N 003), which is comprised of northeast trending veins with galena and chalcopyrite, assaying up to 2.58 ounces per ton of silver, 26% lead and 13.9% copper in 1967. Limited work has been reported on the property and additional exposures are unexplored as glacial recession has progressed in the past several decades since this work was last conducted.Additional exploration targets and potential styles of mineralization on the Property can be...