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First Energy Metals to Acquire Shaw Gold Property in Timmins Area Ontario, Canada
VANCOUVER, BC, Sept. 22, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce that it has entered into an opt
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, Sept. 22, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) (\"First Energy\" or the \"Company) is pleased to announce that it has entered into an option agreement to acquire Shaw Gold Property located in Timmins Area Ontario, Canada. Pursuant to a property purchase between the Optionor and the Company, dated September, 22 2020 (the \"Effective Date\"), First Energy holds an option to acquire a 100% interest in the Shaw Property by paying cash payments of $96,000 and the issuance of 600,000 common shares over a 3-year period. Shaw Gold Property Details: The Shaw Gold Property gold property is comprised of 18 single or multi-cell claims covering approximately 693 hectares located in Shaw, Eldorado, and Whitney Townships, near Timmins Ontario. The property is located just 7km southeast of Newmont's Dome Open pit and 5km south of the Destor-Porcupine Deformation Zone (Figure 1). The Timmins Gold Camp has produced over 70 million ounces of gold from 50 gold mines over the last 100 years. At the Bay Lake Gold Showing on the Property a 12m shaft was sunk circa 1930's on a 1.37m wide quartz vein which returned composite samples of 150.8 g/t Au, 43.2 g/t Au and 35.17 g/t Au. Historical grab samples returned 766.2 g/t Au and 229.7 g/t Au (source OGS MDI42A06NE0017). Previous historical exploration at the Turner Gold Showing has intersected gold mineralization from a 1972 drill program by Flint Rock Mines in felsic tuffs and a fuschite-bearing carbonate zone. Highlights of the drilling are tabled below: The above information provides an indication of the exploration potential of the Shaw Gold Property and may not be representative of expected results. Cautionary Statement: Investors are cautioned that technical information in this news release has been taken from Ontario Ministry of Energy, Northern Development and Mines (MNDM) and Ontario Geological Survey (OGS) online database (Assessment Work Reports (AFRI) MDI42A06NE0017, 42A06NE0314, and 42A06NE0383). The Company has not verified the information regarding sampling, analytical methods, and test data underlying the information. The above-mentioned intervals are downhole intersections. Limited drilling in 1981 by Lacana Mining Corporation failed to repeat the above intercepts. A qualified person from the Company has not done sufficient work to verify ...