Business
ArcPacific Resources Acquires Key Patented Claims to Expand Rickard Gold Mine Property in Timmins Ontario and Arranges Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2020) - ArcPacific Resources Corp. (TSXV: ACP) ("ACP" or the "Company") is pleased to announce it ha
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 20, 2020) - ArcPacific Resources Corp. (TSXV: ACP) (\"ACP\" or the \"Company\") is pleased to announce it has entered into a purchase and sale agreement dated November 17, 2020 (the \"Purchase Agreement\") with an arm's length Ontario based private company (the \"Vendor\") to acquire 100% of three patented land parcels totaling 500 acres (the \"Claims\") directly adjoining its Rickard Gold Mine Property (the \"Rickard Property\"). The Claims consist of three separate crown patents, each of which represents \"real property\" and includes the surface rights and the mineral rights among other rights and benefits. The Claims are located immediately adjacent to the historic Rickard gold mine on the Company's Rickard Property and partially cover the westernmost extent of the historic underground workings. Adrian Smith, CEO of ACP comments: \"We are extremely lucky to be able to purchase the Claims outright as they are key to the future development of the Rickard Property. The Claims include both the surface rights and mineral rights providing a base for the Company's operations, as well as securing the mineral rights for any future development. This acquisition further expands the Company's land position which now covers 100% of the historic high-grade gold mine located in Ontario's prolific Abitibi Greenstone Belt. We can now feel confident that the Company controls the most important land positions in the area, as we move closer to the implementation of our planned, fully permitted, near-term drilling program.\" The Rickard Gold Mine Property The Rickard Property includes a past producing high-grade gold mine located in the Abitibi Greenstone Belt, 70km Northeast of Timmins, Ontario. The total land package following this acquisition is now 1,725 hectares in size. The Rickard Property is host to several high priority gold prospects and showings, in addition to the historic mine and has existing exploration drilling permits in place for targeting the mineralized vein systems. The Rickard Property is also well positioned with a well-established network of roads that can be accessed year-round, in addition to close access to power, water, and a local labor force. Transaction Details The Purchase Agreement to acquire the Claims calls for a one-time cash payment of $400,000 CA...