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Zincore, to be Renamed Golden Cross Resources, Provides Update on Acquisition of Reedy Creek and Providence Gold Project and Concurrent Financing
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Zincore Metals Inc. (TSXV: ZN...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Zincore, to be Renamed Golden Cross Resources, Provides Update on Acquisition of Reedy Creek and Providence Gold Project and Concurrent FinancingVancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Zincore Metals Inc. (TSXV: ZNC.H) (the \"Company\") is pleased to provide an update on its proposed acquisition of the Reedy Creek and Providence gold projects in Victoria, Australia (collectively, the \"Project\") from Great Pacific Gold Corp. (the \"Vendor\"), as previously disclosed in the Company's news release dated December 3, 2024, and to announce the terms of a non-brokered private placement of subscription receipts to be completed in connection with the acquisition. The ProjectThe Project is comprised of two tenements covering an area of 445km2 located approximately 10 km northeast of Southern Cross' Sunday Creek discovery in central Victoria, Australia. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5159/240724_1da7c53a74dd6b47_001full.jpgThe Project land package includes the historic Reedy Creek goldfield and Welcome Reef / Providence project. Exploration to date has identified potential for epizonal gold mineralization akin to the Fosterville and Costerfield operating mines to the west. Despite limited modern exploration, recent drilling by Great Pacific Resources between 2021 and 2024 has returned significant gold mineralization along a recently defined NW-SE gold-in-soil geochemical anomaly. Readers are cautioned that the Company has not independently verified information on nearby or adjacent properties and that they are not necessarily indicative of the mineralization on the Project.Update on Proposed TransactionAs previously announced, the Company entered into a share purchase agreement dated effective December 3, 2024 (the \"Definitive Agreement\") among the Company, the Vendor and 1513609 B.C. Ltd., a wholly-owned subsidiary of the Vendor (\"BC Subco\"), pursuant to which, subject to regulatory approval, the Company will acquire 100% of the issued and outstanding shares of BC Subco (the \"Proposed Transaction\"), which will hold, through an Australian subsidiary, a 100% interest in and to the Project. The Company has made its initial filings with the TSX Venture Exchange (the \"Exchange\") to seek conditional acceptance of the Proposed Transaction and i...