Business
Term Sheet for Gold Project in Canada
Term Sheet for Gold Project in Canada.
About this update from Gunsynd Plc
[{"type":"text","content":"\n\nGunsynd Plc\n(\"Gunsynd\" or the \"Company\")\nTerm Sheet for 100% Acquisition of High Grade Gold Project in Canada\nIssue of Equity\n \nGunsynd (AIM: GUN), an investing company, is pleased to announce that it has entered into a legally binding Term Sheet with Critical Discoveries (the \"Vendor\") which sets out the indicative commercial terms pursuant to which it is proposed that the Company will enter into a farm-in agreement (the \"Agreement\") with respect to certain licences over prospective acreage in Canada (the \"Barb Gold Project\" or \"Project\") (the \"Proposed Transaction\"). \nHighlights\n· 100% Acquisition of the Barb Gold Project, Manitoba\n· 32 mining claims, 6516.63 Ha. Situated in the Rice Lake greenstone belt which includes the Rice Lake deposit at Bissett, with a total gold endowment in excess of 5.6 Moz (resource and past production), making it the largest gold deposit discovered in Manitoba.\n· 150 km northeast of the provincial capital, Winnipeg with road access into the core of the property\n· 30 km to operational gold mill (1911 Gold Corporation (AUMB.TSXV)\n· Claims envelop the historic Lotus Mine, along with the Denver and Betty shafts which do not form part of the Proposed Transaction\n· Denver assay results from a 2015 program of 62g/t Au and 221 g/t Au. \n· The Betty shaft grab samples assayed 3.4 g/t Au, never drilled.\n· Lotus drill results from 1980 produced 71,500 tons at 5.38g/t AU\n· Recently completed geophysics program by CR will enable near term gold with drill ready targets\n· All year round (12 month) access to the claims/properties with good access to road infrastructure, technical personnel/services and accommodation in the nearby town of Bissett, Manitoba.\n \nGunsynd will acquire a 100% legal and beneficial interest in the Barb Gold project in Manitoba Canada, subject to entering a definitive agreement to replace the Term Sheet. The consideration will be satisfied by:\nInitial Cash and Equity Payment\nPayment to the Vendor of CAD$190,000 (approx. £102,000) in c...