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Labrador Gold Announces the Acquisition of Gander Properties Along Strike From New Found Gold Discovery
Highlights: Option to acquire 100% of two licenses from Shawn Ryan in an area of excellent infrastructure. Licenses cover over 14km of the potential extension o
About this update from Labrador Gold Corp
[{"type":"text","content":" Highlights: Option to acquire 100% of two licenses from Shawn Ryan in an area of excellent infrastructure. Licenses cover over 14km of the potential extension of the Appleton fault zone associated with many of the gold showings, including the new discovery, on New Found Gold’s Queensway project to the south. The two licenses represent the most prospective areas for gold of a 45km by 15km regional till and vegetation sampling program conducted over 3 years. VANCOUVER, British Columbia, March 03, 2020 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX-V: LAB) (“LabGold” or the “Company”) is pleased to announce the acquisition of two licenses near Gander, Newfoundland from Shawn Ryan. The licenses are along strike to the northeast of the recently announced gold discovery of New Found Gold of 92.86g/t Au over 19 metres in Hole NFGC-01 on their Queensway Project. The licenses, Gander South and Gander North, consist of 264 claims covering an area of 6,600 hectares (66 square kilometres). Note that gold values in adjacent properties in similar rocks are not indicative of mineralization on the Gander licenses. The company has the option to acquire a 100% interest in the two licenses subject to TSX Venture Exchange approval as follows: Payment of $1,250,000 cash and issue 2 million shares as follows:$250,000 cash and 400,000 shares following TSX venture exchange approval$150,000 cash and 250,000 shares on the first anniversary of the option agreement;$150,000 cash and 300,000 shares on the second anniversary of the option agreement;$200,000 cash and 350,000 shares on the third anniversary of the option agreement;$250,000 cash and 400,000 shares on the fourth anniversary of the option agreement and$250,000 cash and 300,000 shares on the fifth anniversary of the option agreement. Additional payments based on exploration expenditures will be made as follows:$750,000 on $10 million expenditure on one of the licenses$750,000 on $20 million expenditure on one of the licenses$750,000 on $30 million expenditure on one of the licenses The Company will also grant a 1% net smelter return royalty (NSR) to the Vendor plus $1 per ounce of gold in a measured and indicated resource. An advance royalty of $50,000 per annum for each property will be payable starting in 2026. The Company also undertakes to spend $750,000 on each license over the first four year...