Business
Investee Company update Richmond Hill Resources
Gunsynd PLC has noted a corporate update from its investee company, Richmond Hill Resources, regarding a proposed acquisition of the Martello Gold Project in Ontario, Canada. This project comprises 88 mining claims over 4,241 hectares in the Wabigoon Greenstone belt, an area known for gold deposits and featuring historic high-grade grab samples up to 1,050 g/t Au and three mine shafts, with drilling permits already in place. Gunsynd views this potential transaction as an attractive opportunity to increase its gold exposure, alongside its existing interests in Eagle Lake and the Barb project. Disclaimer*
About this update from Gunsynd Plc
[{"type":"text","content":"\n\nGunsynd PLC (\"Gunsynd\" or the \"Company\")\n Investee Company update Richmond Hill Resources\nGunsynd (AIM: GUN) notes a Corporate update from Richmond Hill Resources PLC (\"Richmond Hill\") (AIM: RHR) including the below:\n \nRichmond Hill has entered into a binding term sheet (the \"Term Sheet\") which it is proposed that the Company will enter into a sale and purchase agreement (the \"Agreement\") with respect to the Martello Gold Project, consisting of certain licences over prospective acreage in Ontario, Canada (the \"Proposed Transaction\").\nHighlights on the Martello Gold Project\n \n· 100% proposed acquisition of the Martello Gold Project, Ontario\n· 88 mining claims located within 4,241 hectares situated in the Wabigoon Greenstone belt which includes numerous other reported gold deposits\n· South East of Dryden Ontario, a well-known gold district\n· Good availability of drill rigs and crews and other infrastructure\n· Highway access to within 10km of the property, gravel roads within the property\n· High grade historic grab samples including a grab sample of up to 1,050 g/t au\n· Three historic mine shafts\n· Drilling Permits in place\n \nDon Strang Executive Director, commented:\n\"We are pleased to see Richmond Hill Resources becoming active in the gold space. The proposed acquisition, subject to completion, has the potential to be an attractive opportunity in the context of prevailing gold prices. The reported high-grade grab samples are encouraging, and with permits in place we look forward to further updates in due course. This adds to our gold exposure along with Eagle Lake and our 100% owned Barb project.\"\nThe Directors of the Company are responsible for the release of this announcement.\nFor further information, please contact:\n\n\n\n\nGunsynd plc\nHamish Harris\n\n\n+44 (0) 78 7958 4153\n\n\n\n\nCairn Financial Advisers LLP\nLiam Murray / James Western\n\n\n+44 20 7213 0880\n\n\n\n\nAlbR Capital Limited\nLucy Williams\n\n\n+44 20 7469 0936\n \n\n\n\n\n \n \n\n","length":4739,"tagName":"div"}]