Business
Mayo Lake Minerals Merger with WestMountain Gold
Estimated Terra Gold and Silver Resources Increased To: 880,000 ounces Au and 1,200,000 ounces Ag by narrow vein mining a minimum of 1,933,400 ounces Au and 3,1
About this update from Mayo Lake Minerals, Inc.
[{"type":"text","content":" Estimated Terra Gold and Silver Resources Increased To: 880,000 ounces Au and 1,200,000 ounces Ag by narrow vein mining a minimum of 1,933,400 ounces Au and 3,194,700 ounces Ag by bulk mining Unique Alaska - Yukon Merger Ottawa, Ontario--(Newsfile Corp. - July 25, 2024) - Mayo Lake Minerals Inc. (CSE: MLKM) (Mayo or the Company) is pleased to update the market on its proposed merger (Merger) with WestMountain Gold Inc. (WestMountain or WMG). The Merger will create a highly prospective land position within the Tintina Gold Province (TGP), combining WestMountain's advanced-stage Terra Gold Project (Terra), consisting of 344 mining claims, 5 of which are leased, covering an area of 222 sq. km., some 210 km west of Anchorage with Mayo's four singularly promising properties consisting of 948 mining claims covering an area of 190 sq. km in the Mayo Mining District of the Yukon (north-central). To the best of our knowledge, the Merger will constitute one of the few transborder combinations in the TGP. The TGP hosts a number of operating mines and advanced-stage intrusion-related metal deposits, predominantly gold. It boasts over 222 million ounces of gold endowments, including Donlin (in development, 39M ounces at 2.2 g Au/t), the Fort Knox mine (over 8.7M ounces produced) and, Livengood (advanced stage, 13.6M ounces at 0.6g Au/t) to name a few (Schedule A). Two projects, Whistler and Estelle, which are within 35 km of Terra, have each reported over 9 million ounces of gold. Please refer to Mayo's press release dated August 16, 2023 for locations and more on the sources of data. The Merger is anticipated for completion in the next two quarters by which time the companies plan to close a C$7.5M± private placement (Merger Placement), concurrently with completion of a definitive merger agreement. The funds will be primarily applied to a diamond drill (DD) program at Terra, focussed on rapidly expanding resources. The final terms of the definitive agreement between Mayo and WMG as well as the Merger Placement will be determined by the market's evaluation of the combined value of both companies. Mayo believes that the increase in resources provided by Terra will boost its value by many fold. The Merger will be subject to the approval of all regulatory agencies as well as the shareholders of both companies. Please refer to the Cau...