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Pacific Bay and Brixton Sign Definitive Option Agreement for Atlin Goldfields Property in BC, Completes NI 43-101 Technical Report, Private Placement Terms Amended
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2022) - David H. Brett, President and CE...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay and Brixton Sign Definitive Option Agreement for Atlin Goldfields Property in BC, Completes NI 43-101 Technical Report, Private Placement Terms AmendedVancouver, British Columbia--(Newsfile Corp. - May 6, 2022) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that Pacific Bay, further to the Company's March 24, 2022 Letter of Intent announcement, has signed a Definitive Agreement (the \"Agreement\") with Brixton Metals Corp. (\"Brixton\") to acquire an option to purchase up to a 100% interest in the Atlin Goldfields Project (the \"Property\"), located in Northwest British Columbia. The Agreement remains subject to the completion by PBM of a $500,000 financing, and receiving approval from the TSX Venture Exchange. Atlin Goldfield Highlights:Underexplored, district-scale gold property with 59,154 hectares of mineral tenures.Prospective for high grade orogenic gold deposit systems including the Yellowjacket high grade gold deposit.200 ton-per-day mining permit (Yellowjacket Mine) and exploration permits already in placeTop-tier mining jurisdiction \"Signing of the Definitive agreement is a significant milestone for Pacific Bay towards commencing work at Atlin,\" said Pacific Bay President & CEO David Brett. \"Our plan to incorporate a transformational asset into Pacific Bay is coming to fruition. We look forward to TSXV approval and subsequent next steps.\"Terms of the Agreement:Under the terms of the Agreement, Pacific Bay may acquire up to a 100% interest in the Atlin Goldfields project, by completing the following:Pacific Bay can earn a 51% interest in the Property by completing $3,500,000 in Exploration Expenditures, paying $1,725,000 cash, and issuing 5,000,000 Pacific Bay Shares to Brixton, on or before the 4th anniversary of the closing of the Agreement.If the 51% interest earn-in has been completed, Pacific Bay may earn an additional 49% interest in the Property by completing an additional $3,500,000 in Exploration Expenditures, paying $1,500,000 cash, and issuing 5,000,000 Pacific Bay Shares to Brixton, on or before the 7th anniversary of the closing of the Agreement.If Pacific Bay exercises the 51% earn-in and elects to not exercise the additional 49% earn-in, Pacific Bay and Brixton will enter into a joint venture whereby the interest ...