Business
International Prospect Ventures Enters Into LOI for Acquisition of an NSR on the Comet Well Property in Western Australia
VAL-D’OR, Québec, June 28, 2018 (GLOBE NEWSWIRE) -- International Prospect Ventures Ltd. (TSX-V:IZZ) (the “Company”) announces that it has entered into a non-bi
About this update from International Prospect Ventures Ltd
[{"type":"text","content":" VAL-D’OR, Québec, June 28, 2018 (GLOBE NEWSWIRE) -- International Prospect Ventures Ltd. (TSX-V:IZZ) (the “Company”) announces that it has entered into a non-binding letter of intent to acquire (the “Acquisition”) from a third party arms’ length vendor (the “Vendor”) a 0.5% royalty on net smelter returns (the “NSR”) on the Comet Well Property (the “Property”) located in the Pilbara, Western Australia. The Acquisition is subject to prior TSX Venture Exchange (the “Exchange”) acceptance. About The Comet Well Gold Property With the discovery of large gold nuggets at Comet Well by prospectors in 2016, this new significant conglomerate-hosted gold discovery was acquired by Novo Resources in April 2017. Located approximately 45 km south of Karratha in the heart of the Pilbara West gold rush, the previously unmapped conglomerate-hosted gold horizon at the base of the Archean Fortescue Group has been traced for more than 8km through Comet Well and northeast into Purdy’s Reward. Exploration progress on the Karratha Gold Project, which includes the Comet Well Property has been reported on by Novo Resources as they continue to advance their current exploration and development of conglomerate-hosted gold in this region. In May 2018, Novo Resources announced results from the first of two bulk samples taken from Comet Well and in June 2018 announced a AUD$5.4M exploration budget aimed at further work in the Comet Well-Purdy’s Reward areas. International Prospect Ventures’ Projects in the Western Pilbara IZZ holds 8 tenements (pending approval) in the Marble Bar and Nullagine districts of the gold-bearing Pilbara Region, Western Australia (Fortescue Basin). The pending properties cover more than 900 square kilometres and are interpreted to be proximal to and/or cover target lithologies for gold-bearing conglomerate/sedimentary rocks at the base of the Mt. Roe Basalt (2 tenements), gold-bearing Mosquito Creek and Hardey formations (4 tenements), and other prospective rocks of the Fortescue Group (2 tenements). Seven of the 8 tenements are immediate to lands held by Novo Resources, Pacton Gold, and Millennium Minerals. As consideration for the Acquisition, the Company has agreed to pay the Vendor an aggregate CDN $1,750,000, payable as follows: CDN $1,000,000 on receipt of Exchange approval (the “Approval Date”); CDN $250,000 on the three month...