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E2Gold Options Historic Band-Ore Gold Property
TORONTO, ON / ACCESSWIRE / October 14, 2021 / E2Gold Inc. (TSXV:ETU) (the " Company " or " E...
About this update from E2gold, Inc.
[{"type":"text","content":"E2Gold Options Historic Band-Ore Gold PropertyTORONTO, ON / ACCESSWIRE / October 14, 2021 / E2Gold Inc. (TSXV:ETU) (the \"Company\" or \"E2Gold\") is pleased to announce that it has entered into an agreement with Golden Share Resources Corporation (TSXV:GSH) (\"Golden Share\") who has granted an option to E2Gold to earn a 100% interest in the Band-Ore property (the \"Property\" or \"Band-Ore\"). The Property is located west of Thunder Bay, Ontario and hosts two historic high-grade gold resources (the resources are not considered National Instrument 43-101 compliant, nor is the Company treating them as such).1Table 1: Band-Ore Historic Resources TonnesAverage GradeOuncesBand-Ore Main Zone1706,0006.86 g/t155,728Band-Ore Zone No. 41616,0004.84 g/t95,668Dr. Eric Owens, CEO and President, stated, \"The Band-Ore property is in an excellent jurisdiction, shares a regional shear zone with Hemlo, and has strong growth potential, as it has been underexplored for forty years.\" Dr. Owens added, \"Our focus remains on the Hawkins Gold Project, but this acquisition fits perfectly with our growing Ontario property portfolio, and it has minimal upfront financial commitment.\"Figure 1: E2Gold Ontario property portfolio.Nick Zeng, CEO of Golden Share, commented, \"We are pleased to have this opportunity to work with Dr. Eric Owens and his team at E2Gold. Band-Ore has great potential but requires a methodical and modern geologic look, which I have confidence E2Gold will provide\".The 10 km long property, located some 75 km west of Thunder Bay, is comprised of 16 patented mining claims, one leased mining claim, and 109 staked mining claims in Hagey and Conacher Townships of Ontario. Both the Main Zone and the No. 4 Zone are open at depth and along strike.Figure 2: Bedrock geology and outline of the Band-Ore property.Agreement Details: In order to acquire its interest in the Property, the Company is required to make aggregate cash payments to Golden Share in the amount of $2,000,000 according to the table below:Table 2: Option Payment ScheduleDateAmountDateAmountSigning Date$50,0005 year anniversary$200,0001 year anniversary$100,0006 year anniversary$300,0002 year anniversary$100,0007 year anniversary$500,0003 year anniversary$100,0008 year anniversary$500,0004 year anniversary$150,000 In addition, E2Gold will reimburse the costs incurred by the Op...