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Berkwood Resources concludes $250,000 Project Finance Agreement with Progressive Planet Solutions Inc. to advance the Lac Gueret South Graphite Project
October 30th, 2018 / TheNewswire / VANCOUVER, B.C. Berkwood Resources Ltd. (TSX-V: BKR, FSE: BK2, WKN: A110N3) ("Berkwood" or the "Company") is pleased to annou
About this update from First Canadian Graphite Inc.
[{"type":"text","content":"October 30th, 2018 / TheNewswire / VANCOUVER, B.C. Berkwood Resources Ltd. (TSX-V: BKR, FSE: BK2, WKN: A110N3) (\"Berkwood\" or the \"Company\") is pleased to announce that an agreement to finance has been concluded between Progressive Planet Solutions Inc. (PLAN-TSX:V) (\"Progressive Planet\" or \"PLAN\"). The Terms of the agreement allow Progressive Planet to earn a 5% interest to the Lac Gueret South Graphite property in exchange for expenditure of $250,000 on the project by December 31st, 2018. During a period of 6 months, either party will have the right to execute a buy-back scenario in which Berkwood would purchase the 5% back by paying to Progressive Planet 1,750,000 Units in Berkwood. Each unit will entitle PLAN to receive one share, and one half warrant of the Company, which at the time of signing this agreement constitutes 5% of the Issued and Outstanding Shares of Berkwood. This transaction is subject to Exchange approval. The Lac Gueret South project is located directly south of Mason Graphite's (TSX-LLG) advanced Lac Gueret Project. With a market capitalisation of over $120 million Mason owns one of the largest high grade graphite deposits in the world, and is planning on building a new graphite mine and processing plant. The Berkwood Lac Gueret South project is broadly analogous to the Mason Graphite deposit. The project comprises 288 Claims which cover a total area of 15,552 hectares. Three drill programs have been completed to date with 27 holes drilled recovering over 4,000m of drill core. Of the holes drilled, 26 of the 27 had significant graphite intersections (Hole 25 intersected 130.55 m averaging 17.37 Cgr). Assays have confirmed average grades in the range of 14.39% to 25.52% Cgr and true thicknesses ranging 22.1 to 90 meters. The graphite lies near surface to open-pit mineable depths similar to the depths drilled by Mason Graphite for its planned open pit development, and includes significant intervals of modal large flake mineralogy. The Company is progressing a Mise-A-La-Masse geophysical program that is intended to inform a drill program that is scheduled to mobilize in late November. Tom Yingling, President and CEO states, \"I am very pleased to have Progressive Planet partnered with our near-term advancement of our Lac Gueret South discovery. We are determined to advance the project toward a Prelimi...