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First Energy Metals enters Letter of Intent for Thunder Mountain gold - silver claims in Nevada
VANCOUVER, Jan. 22, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce that it has entered into a non-bindi
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, Jan. 22, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) (\"First Energy\" or the \"Company) is pleased to announce that it has entered into a non-binding Letter of Intent (\"LOI\") with 1232963 BC LTD (the \"1232963 BC\") a private corporation incorporated in British Columbia, whereby the Company will have the option to acquire up to 75% of the Thunder Mountain gold-silver project (the \"Property\") located in Nye County, Nevada. Transaction Details: Year 1: Cash payment of $ 20,000 USD within 15 days of CSE and any other regulatory approval necessary. Additional $ 30,000 USD prior to the one-year anniversary of the agreement. Share issuance of 4,000,000 shares within 15 days of CSE and any other regulatory approval necessary. Complete $ 150,000 USD in exploration expenditures Year 2: Cash payment of $ 40,000 USD prior to the two-year anniversary of the agreement. Complete $ 600,0000 USD in exploration expenditures Year 3: Cash payment of $ 60,000 USD prior to the third-year anniversary of the agreement. Complete $ 750,000 USD in exploration expenditures Thunder Mountain The Property consists of 49 lode claims and host a series of high-grade epithermal quartz adularia-gold veins located within the southwestern Nevada's Walker Lane gold trend. Walker Lane trend is a well-known gold mining district in Nevada. The region is actively explored and has seen a number of gold discoveries in the past. In 2007 and 2008 the claims had some very limited reverse circulation (\"RC\") drilling by the then claim holder, Midway Gold Corporation (\"Midway\"). Results of the Thunder Mountain Property drilling, quoted below, were issued by Midway in news releases for public disclosure on October 18, 2007, May 1, 2008, and January 21, 2009. Investors are cautioned that a qualified person from First Energy has not carried out data verification on this information, and it should not be relied upon. Midways' first drill holes intersected several high-grade gold veins within broader mineralized sections. Highlights include; hole TM07-04 that returned 1.5m (5 ft) of 33.65 g/t gold within a 6.09m (20 feet) wide zone that returned 9.69 g/t gold; and TH-27 which encountered 3.05m (10 ft) of 54.7 g/t gold within 9.1m (30 ft) of 20 g/t gold. The samples for this drilling were analysed at ALS Chemex labs in Sparks, Ne...