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Prestwick Executes Definitive Option Agreement for Baner Gold Project in Idaho, USA; Provides Additional Information on Proposed Qualifying Transaction; Director Change
Calgary, Alberta--(Newsfile Corp. - July 24, 2024) - Prestwick Capital Corporation Limited (TSX...
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[{"type":"text","content":"\nPrestwick Executes Definitive Option Agreement for Baner Gold Project in Idaho, USA; Provides Additional Information on Proposed Qualifying Transaction; Director ChangeCalgary, Alberta--(Newsfile Corp. - July 24, 2024) - Prestwick Capital Corporation Limited (TSXV: PWIK.P) (\"Prestwick\" or the \"Company\") is pleased to announce that it has entered into a binding option agreement dated effective July 22, 2024 (the \"Option Agreement\") with Champion Electric Metals Inc. (\"Champion\") that provides for the grant of an option (the \"Option\") to Prestwick to acquire a 100% undivided interest in and to the mineral claims comprising the Baner gold project located in Idaho County, Idaho, USA (the \"Baner Gold Project\"). Prestwick is a \"capital pool company\" (as defined in the policies of the TSX Venture Exchange (the \"Exchange\")) and the Option and transactions contemplated in the Option Agreement (the \"Transaction\") are to constitute its \"Qualifying Transaction\" (as such term is defined in the policies of the Exchange). The Baner Gold ProjectThe Baner Gold Project is located in Idaho Country, Idaho, approximately 6.2 miles (10 km) southwest of Elk City and is comprised of 215 unpatented lode claims covering approximately 3,818 contiguous acres (1,545 hectares).Champion acquired the Baner Gold Project in 2015 and through 2020 and completed prospecting, rock and soil sampling, drilling of 30 diamond drill holes, an induced polarization geophysical survey, geological mapping and additional claim staking. The exploration work led to the definition of a number of exploration zones of interest among and/or on trend of historical mining activities. Some highlights of the Baner Gold Project identified by the Company include the following:Multiple high-grade gold intersections in previous drilling(1), including:8.7 g/t Au over 6.3m, including 147.7 g/t Au over 0.3m (ICG2018-08);5.1 g/t Au over 5.1m, including 24.3 g/t Au over 0.5m (ICG2018-16); and20.8 g/t Au over 12.0m, including 48.9 g/t Au over 4.5m (ICG2018-13).Only 30 holes drilled within which there are 37 assays reporting greater than 5.0 g/t Au (with three over 50 g/t Au).(1)(2)Mineralization has been identified by drilling over a N-NE to S-SW surface extent of approximately 2,300m.(1)(2)Multiple strong vein sets are present (e.g. 9 zones in drill hole ICG2018-15).(1)Dis...