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District Executes Agreement to Sell 80% of the Bakar Property on Northern Vancouver Island, British Columbia
District Executes Agreement to Sell 80% of the Bakar Property on Northern Vancouver Island...
About this update from District Metals Corp.
[{"type":"text","content":"\n\n\n\nDistrict Executes Agreement to Sell 80% of the Bakar Property on Northern Vancouver Island, British Columbia\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Aug. 18, 2020\n\n\n\nVANCOUVER, BC, Aug. 18, 2020 /CNW/ - District Metals Corp. (TSXV: DMX) (FRA: DFPP); (\"District\" or the \"Company\") is pleased to announce the execution of a definitive purchase agreement (the \"Agreement\") dated August 17, 2020 for District's high grade copper-silver Bakar Property (\"Bakar\" or the \"Property\") located on northern Vancouver Island in British Columbia with Sherpa II Holdings Corp. (\"Sherpa II\") (TSX-V: SHRP.P).\n\n \n \n \n \n \n \n\n \nTransaction Highlights\nUnder the Agreement Sherpa II will acquire an 80% interest in the Bakar Property by cash payment, the issuance of shares to District, and work expenditures, as described below.  The cash payment and common shares of Sherpa II will be transferred to District upon closing of the transaction on or before September 17, 2020, and the work expenditures are scheduled to be completed within six months from the closing.\n$50,000 cash payment. 1,000,000 common shares of Sherpa II. $200,000 in work expenditures. Carry over of the 2.0% NSR from the royalty agreement dated July 12, 2019 between District and Longford Capital Corp. on one of the eight mineral claims that comprises Bakar, which covers 1,352 hectares (ha) out of the 15,687 ha Property. The 2.0% NSR may be repurchased entirely for $6.5M.Overview of the Bakar Property\nThe Bakar Property comprises 15,687 ha, and is located on northern Vancouver Island with excellent access and infrastructure. The area covered by the Property is within a copper-rich geological domain that hosts the past producing Island Copper Mine, the Hushamu Deposit, and the Red Dog Deposit. The Island Copper Mine was operated by BHP from 1971 to 1995, and produced 345 million metric tonnes of ore with average grades of 0.41% copper, 0.017% molybdenum, 0.19 g/t gold and 1.4 g/t silver1.\nThe geological setting (i.e. within the sub-aerial Karmutsen v...