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Global Minerals Signs Letter of Intent to Earn 50% Interest of Alto Sobrido Located in Portugal
Global Minerals Signs Letter of Intent to Earn 50% Interest of Alto Sobrido Located in Portugal.
About this update from District Metals Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 31 /CNW/ - Global Minerals Ltd. (CTG:TSXV, B1H:Frankfurt),\nsubject to TSX Venture Exchange approval, has signed a Letter of Intent to\nearn 50% interest in the Alto Sobrido Gold/Antimony property located in\nPortugal. The property is currently held by Kernow Resources & Developments\nLtd. (KRD:TSX.V).\n\n\nThis acquisition fits Global Minerals strategy of acquiring advance stage\nmineral projects. Portugual is a member of the European Union and as such\nmeets the company's corporate criteria regarding country risk. With current\nmetal prices of $650/oz gold and $2.65/lb for Antimony, management believes\nthat the Alto Sobrido project could provide an attractive return on\ninvestment.\n\n\nTo earn a 50% interest global must do the following:\n\n- Issue 50,000 shares and make a cash payment of $25,000\n- Year One work commitment (pnds stlg)100,000\n- First Year Anniversary Global is to issue 100,000 shares and\n pay $50,000\n- Year Two Work Commitment (pnds stlg)150,000\n- Second Year Anniversary Global is to issue 150,000 shares and\n pay $75,000\n\n\nA finders fee is payable in accordance with exchange policy upon signing\na formal agreement.\n\n\nA 3% royalty is payable to the State upon the commencement of commercial\nproduction.\n\n\nDescription of the Property\n\n\n---------------------------\n\n\nThe exploration contract covers an area of approximately 16.4 square\nkilometers and encompasses several small but high grade mines that produced\nAntimony at the end of the 19th century and at the beginning of the 20th \ncentury. Gold is known to have been recovered from the Antinomy veins toward\nthe end of the life of the Antimony mines. Drifting along the veins at the\nAlto Sobrido prospect by the service de Fomento Mineiro (the then Portuguese\nState mining authority) in the 1960's also revealed exceptional pockets of\nhigh grade gold mineralization associated with the Antimony veins.\n\n\nThere is a large volume of historical data available on Alto Sobrido.\nFour known prospects have been identified along a 4 kilometer mineralized\nstructure. Each prospect area contains multiple veins. Prior work includes\ndetailed mapping, diamond drilling, percussion drilling, trenching & channel\nsampling.\n\n\nThe diamond drilling has shown a set of three major steeply dipping\nparallel veins striking east ...