Business
Rosita Announces Acquisition of Marilyn Three Project, Newfoundland
(via TheNewswire) August 14, 2018 / TheNewswire / Rosita Mining Corporation (...
About this update from King Global Ventures Inc.
[{"type":"text","content":"Rosita Announces Acquisition of Marilyn Three Project, Newfoundland(via TheNewswire)\n \n \nAugust 14, 2018 / TheNewswire / Rosita Mining Corporation (RST: TSX-V) (\"Rosita\" or the \"Company\") is pleased to announce that it has entered into a binding L.O.I. to acquire 100% of the Marilyn Three Project, Newfoundland. \n\n\n \nThe Marilyn Three Property is located within a northeast-trending belt of Silurian volcanic, volcaniclastic and sedimentary rocks, adjacent to a large bimodal intrusive. This intrusive (The Mount Peyton complex ) is thought to be responsible for the large regional fault structure located within the larger area and within the property. The project/property consists of 104 claim blocks representing exclusive exploration rights to a land package of approximately 6,448 acres (2600 hectares) and lies within the same belt of rock and on trend with the mineral license hosting Sokoman Iron Corp.'s recently announced discovery hole (Sokoman Iron Corp. news release dated July 24, on its Moosehead gold project, where Sokoman Iron reported a drill intersection of 44.96 grams per tonne gold over 11.9 metres).). Additionally within the property, recent work has identified quartz subcrop blocks (enriched in silver, arsenic and antimony) with assays up to 4.8g/t Au. These blocks are located approximately 150m west of a recently identified 10-15m wide epithermal vein system in outcrop. Appearances and textures indicate that the vein outcrop is a fully preserved epithermal quartz veined system with potential significant grades just below the surface within the boiling zone. \n\n\n \nTerms of the L.O.I. are as follows:\n\n\n \n\n\n\n\n\n\n(i)Paying the Vendors $35,000 within 24 hours of signing this LOI; (ii)Issuing 2.5 million shares of Rosita Mining upon receiving regulatory approval; (iii)Vendors retains a 2% Net Smelter Royalty on the property. Rosita will have the the right to buy 1/2 (1%) of the royalty for 1% at any time for CAN$1 million; (iv)Reimbursing the Vendors for additional out of pocket staking costs. \n\n\n\n\n\n\n\n\n \nRosita cautions investors that it has not verified the historic exploration data on the Marilyn Three Project. The Company has relied upon the vendor's data which includes assays done at Eastern Analytical Ltd., NL. Rosita further cautions investors that grab samples are selected samples and...