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Murchison Acquires 11 Claims Totaling 123.9 Km(2) at Brabant Lake, Saskatchewan
TORONTO, ON / ACCESSWIRE / February 3, 2020 / Murchison Minerals Ltd. ("Murchison" or the "C...
About this update from Murchison Minerals Ltd
[{"type":"text","content":"Murchison Acquires 11 Claims Totaling 123.9 Km(2) at Brabant Lake, SaskatchewanTORONTO, ON / ACCESSWIRE / February 3, 2020 / Murchison Minerals Ltd. (\"Murchison\" or the \"Company\") (TSXV: MUR) is pleased to announce it has acquired an additional 12,391 hectares (123.91 km2) of mineral claims located southwest and contiguous to the existing Brabant Lake project in northern Saskatchewan (see Figure 1). These 11 claims making up the Wierzycki Lake Project, were acquired from MAS Gold Corp. (\"MAS\") in exchange for a 1% NSR royalty. Murchison's land position in the area now stands at 554 km2.The new claims which host 6 mineral showings, cover the same prospective geological unit that hosts the Brabant-McKenzie VMS deposit (Figure 2). The area covered by these claims has seen limited historic exploration and represents a promising exploration opportunity to employ modern geophysical and other exploration techniques.Murchison currently has one VMS deposit that remains open to expansion and 12 high-priority targets which are being drilled this winter.Figure 1 - Map showing the newly aquired MAS claims in relation to the Company's current land holdings.Figure 2 - Geology map newly aquired MAS claims and known showings.Murchison's priority drill targets, namely Brabant South and Main West are located on the edge of the common boundary with the MAS claim block. The acquisition ensures that systematic exploration efforts can continue unimpeded.Three prospective electromagnetic (EM) conductors have already been identified next to the Brabant South drill target as shown on the following map.BS-8A:Strike Length: 557mDepth Extent: 70mCT: 250 SBS-8B:Strike Length: 250mDepth Extent: 50mCT: 350 SBS-8C:Strike Length: 387mDepth Extent: 68mCT: 355 SThe purchase price is satisfied by granting a 1% Net Smelter Return royalty granted in favour of MAS applied to the mineral rights (claims and claim cells) retained by Murchison after May 6, 2020, the date at which the claims would otherwise have lapsed. Should Murchison elect to release any claims or claim cells subsequent to that date, title to these cells will be offered to be transferred back to MAS. Failure of MAS to accept the transfer of the title within 30 days' notice by Murchison to relinquish title to specific cells, the latter will be allowed to lapse and the 1% NSR attached to these cells...