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Gold Lion Resources Provides Update on The Nickel Plate Project, Samples Grading Up to 50.98 g/t Gold
Vancouver, British Columbia / TheNewswire / July 5, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE:GL) (OTC:GLIOF) (FWB:2BC) advises that f
About this update from Panther Minerals Inc.
[{"type":"text","content":"Vancouver, British Columbia / TheNewswire / July 5, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE:GL) (OTC:GLIOF) (FWB:2BC) advises that further to the acquisition of 1000173975 Ontario Inc. (“Numco”) on June 6, 2022, Gold Lion has assumed certain cash payments, common share issuances and property expenditures required to earn a 100% interest in the Nickel Plate project located in northeastern Saskatchewan. The Nickel Plate project comprises 22 mineral claims originally referenced as the Black Lake mineral property (the “Property”) which were acquired by Numco pursuant to an option agreement entered into on March 7, 2022 (the “Option Agreement”) with Gem Oil Inc. and Bartaine Investments Co. Ltd. (the “Optionors”). To earn 100%, Gold Lion will complete the following schedule of cash payments, share issuances and property expenditures: Payment Date Cash Payments Share Issuances Property Expenditures On or before October 5, 2022 - 300,000 shares - On or before April 5, 2023 $50,000 300,000 shares $100,000 On or before April 5, 2024 $50,000 300,000 shares $100,000 On or before April 5, 2025 $50,000 300,000 shares $100,000 TOTAL $150,000 1,200,000 Shares $300,000 Upon completion of the property expenditures, noted cash payment and share issuances to the Optionors, the Company will have earned a 100% right, title and interest in and to the Property. The Optionors have retained a 2% NSR in respect of the Property, one-half of which (1% NSR) can be purchased by the Company at any time for a purchase price of $1,000,000 for a period of 5 years after the earn-in date. The Company has issued an aggregate of 300,000 common shares to the Optionors at a price of $0.05 per share in satisfaction of the first share issuance due. Subsequent share issuances will be issued at a deemed price equal to the fair market value on the trading date immediately preceding the date on which the share issuance is due. All securities issued in connection with the Option Agreement will be subject to a statutory hold period of four months and one day from issuance pursuant to applicable securities laws. Gold Lions Resources Nickel Plate Project Gold Lions Resources Nickel Plate project is adjacent to properties/claims owned by Kobolt Metals Inc and Faith in Gravity Holding which runs northeast of Black Lake and is backed by some of t...