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First Energy Metals to Option Two Gold Exploration Properties in British Columbia, Canada
VANCOUVER, March 17, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce that it has entered into an option
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[{"type":"text","content":" VANCOUVER, March 17, 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 with Geomap Exploration Inc. (\"the Optionor\"), a private Corporation registered in British Columbia, Canada, to acquire two gold exploration properties located in the Province of British Columbia, Canada. Pursuant to a property purchase option agreement (the \"Option Agreement\") between the Optionor and the Company, dated March 17, 2020, First Energy holds an option to acquire a 100% interest in the Kokanee Creek and Independence Gold Properties (\"the Properties\") located in southeastern British Columbia, Canada by paying cash payments, common shares issuances and exploration expenditures as follows: Option Details: Year 1: Cash payment of $ 10,000 CAD within 10 days of CSE and any other regulatory approval necessary. Additional $ 40,000 CAD prior to the one-year anniversary of the agreement. Share issuance of 2,500,000 shares within 10 days of CSE and any other regulatory approval necessary. Complete $ 100,000 CAD in exploration expenditures. Year 2: Cash payment of $ 75,000 CAD prior to the one-year anniversary of the agreement. Share issuance of 2,500,000 shares on the one- year anniversary of the agreement. Complete $ 250,0000 CAD in exploration expenditures Properties: The Kokanee Creek Gold Property consists of three mineral claims covering approximately 1,590.29 hectares area in Nelson Mining Division in British Columbia, Canada. It is located 18 km to the east of Nelson on NTS map 082F055. The Property is part of a very active mining area with several historical and current gold, silver and base metals deposits located in the region. Nelson is a historical mining town dating back to the discovery of Toad Mountain Silver deposit in 1886. The Blue Bell Mine, located near the town of Riondel approximately 20 km NE of the Kokanee Creek Claims, is a manteau-type base metal deposit hosted by the Badshot limestones of the Lardeau Group. Closer to the Kokanee Claims are historical past producers the Molly Gibson and the Alpine. The Independence Gold Property consists of two mineral claims (Independence 1 and 2) totalling 1,099.43 hectares land in southeastern British Columbia, Canada. It is road accessible, located 20 t...