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Contact Gold Receives Shares and Cash Payment from Showcase Minerals for North Star and Dixie Flats Option
(TheNewswire) Vancouver, B.C. - TheNewswire - January 24, 2024 – Con...
About this update from Commodore Metals Corp.
[{"type":"text","content":"Contact Gold Receives Shares and Cash Payment from Showcase Minerals for North Star and Dixie Flats Option\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire -\n \n \n January 24, 2024 – Contact Gold Corp.\n(the “Company” or “Contact Gold”) (TSXV:C\n \n \n )\n \n \n (\n \n \n OTC:CGOLF)\n \n \n is pleased to announce that Showcase Minerals Inc.\n(“\n \n \n Showcase\n \n \n ”) (CSE: SHOW) has issued 330,000 shares and paid USD\n25,000 to the Company to satisfy the 2024 payment related to the\noption agreement on Contact Gold’s North Star and Dixie Flats gold\nprojects (the “Carlin Projects”), and Contact Gold’s Woodruff\ngold-vanadium claims (“Woodruff\").\n \n \n \n \n North Star and Dixie Flats are located on Nevada’s\nCarlin Trend, immediately east of the South Railroad development stage\nproject operated by Orla Mining (TSX: OLA), due south of Nevada Gold\nMine’s past producing Rain and Emigrant gold mines, and northeast of\nthe Company’s resource stage Pony Creek gold project.\n \n \n \n \n The option agreement with Showcase was signed in\nJanuary of 2021, and if all conditions are met will result in Showcase\nacquiring 100% interest in Woodruff and the Carlin Projects (subject\nto a 0.25% NSR on the Dixie Flats Claims payable to Contact Gold, in\naddition to those payable to an affiliate of Sandstorm Gold\nRoyalties).  Total share consideration payable to the Company to\nsatisfy the option agreement will result in Contact Gold holding a 5%\nownership position in Showcase.\n \n \n \n \n Contact Gold currently holds 555,646 shares of\nShowcase.\n \n \n \n \n North Star & Dixie Flats:\n \n \n \n \n Prior to optioning the Carlin Projects to Showcase,\nContact Gold completed 26 line-kilometres of CSAMT and gravity\ngeophysical surveys over the projects to better define drill targets.\n In 2019, the Company completed one drill hole at North Star, leaving\nthe key exploration target largely untested.\n \n \n \n \n Initial results reinforced management’s belief in the\nprospectivity of the property, while the Company’s focus on the\nflagship Green Springs and Pony Creek pr...