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Golden Dory Resources Receives TSX.V Approval to Increase Stake in the Iron Horse Project to 100%
(via Thenewswire.ca) GANDER, NEWFOUNDLAND - July 11, 2013 - Golden Dory Resources Co...
About this update from Pirate Gold Corp
[{"type":"text","content":"Golden Dory Resources Receives TSX.V Approval to Increase Stake in the Iron Horse Project to 100%(via Thenewswire.ca)\n\n \nGANDER, NEWFOUNDLAND - July 11, 2013 - Golden Dory Resources Corp., TSX.V: GDR (\"Golden Dory\") is pleased to announce that the TSX Venture Exchange has approved the proposed transaction between Golden Dory and Metals Creek Resources Corp. whereby Golden Dory can acquire 100% of the Iron Horse Project from Metals Creek by meeting specific conditions as outlined in a revised agreement. \n\n\n \nThe Property is host to two new and potentially significant Iron Ore discoveries made by Golden Dory in late 2012 on the 400 claim (10,000 ha) property located approximately 50 kilometres east of the common carrier rail line servicing the Schefferville Mining District. A total of eight holes were drilled in 2012 testing two of four previously untested magnetic anomalies (Anomalies A through D), and all holes successfully intersected significant thicknesses of iron formation including hole GLAA12-02 which returned 354 metres grading 27.8% Fe from Anomaly A in the northern portion of the property. \n\n\n \nWork to date has focused on testing the magnetic targets as defined by previous airborne surveying. The company has recently completed a Falcon Airborne Gravity Gradiometer survey flown by Fugro Airborne Systems in an effort to locate potential direct shipping ore (DSO) targets on the property. The company does believe that DSO type targets do exist on the property as evidenced by numerous large blocks of high grade iron ore assaying in excess of 53% Fe. This higher grade material has not been intersected in the eight holes drilled to date. The company is expecting interpretive final reports from Fugro in two to four weeks. \n\n\n \nThe New Agreement\n\n\n \nGolden Dory and Metals Creek have agreed to amend their existing Option and Joint Venture Agreement dated May 18, 2012 (the \"JVOA\"), to provide for Golden Dory to accelerate its interest in the Property to 100% by issuing 17.5 million shares of Golden Dory to Metals Creek without having to comply with a previous term which required Golden Dory to complete a NI 43-101 report resulting in a minimum of 50 million tonnes of product. In addition, Golden Dory will pay $1 million to Metals Creek upon completion of a bankable feasibility study on the Property; and by i...