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Cyon Announces Letter of Intent to Acquire Longface Property in Nevada
(TheNewswire) Vancouver, British Columbia - TheNewswire - June 29, 20...
About this update from International Metals Mining Corp
[{"type":"text","content":"Cyon Announces Letter of Intent to Acquire Longface Property in Nevada\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n June 29, 2021 – Cyon Exploration Ltd.\n \n \n (the “\n \n \n Company\n \n \n ”)\n \n \n (TSXV:CYON), (OTC:CYNXF)\n \n \n is pleased to\nannounce that it has entered into a letter of intent on June 28 2021,\nto acquire (the “\n \n \n Acquisition\n \n \n ”) all the issued and outstanding\ncommon shares of Gold State Resources Inc. (“\n \n \n Gold State\n \n \n ”) from\nthe shareholders of Gold State (the “\n \n \n Shareholders\n \n \n ”)\npursuant to a definitive agreement being entered into (the\n“\n \n \n Share Exchange\nAgreement\n \n \n ”). This transaction is arm’s\nlength and no finder’s fee is payable.\n \n \n \n \n Gold State, through its subsidiary Jumping Jack\nExploration Inc. (“\n \n \n Jumping\nJack\n \n \n ”), is a party to\n \n \n an\noption agreement (the “\n \n \n Option Agreement\n \n \n ”) for the acquisition of up\nto a 65% interest in certain mineral claims known as the Longface\nProperty (the “\n \n \n Property\n \n \n ”). The Property comprises 209 lode\nclaims totaling 2,640 acres and is located in the Moors Creek mining\ndistrict of Nye County, Nevada, approximately 55 miles north of\nTonopah. The Property is situated along the eastern margin of the\nWalker Lane Gold Trend,\n \n \n ten miles north of\n \n \n Kinross Gold Corporation’s\n \n \n well-known Round Mountain Gold Mine, and is five miles north\nof the nearest Round Mountain open pit.  Longface is ten miles south\nof the Northumberland Gold Mine, active in the 1980s and 1990s.\nT\n \n \n he United States Geological Survey Mineral\nResource Data System has reported\n \n \n the total\nmetal content of the Round Mountain gold system to be approximately 20\nmillion ounces of gold.\n \n \n \n \n The project history for the Property dates back to\nabout 1905, when it was reported the rancher/owner supported his\nfamily and ranch by underground gold mining for three years,\nconstructing several adits and shafts totaling about 100 metres (305\nfeet) of underground workings. The ranchers/owners have not been\nfavorable to corporate explora...