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Minfocus Announces Acquisition of Majority Interest in the Big Hill Gold Property and $2,125,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2021) - Minfocus Exploration Cor...
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[{"type":"text","content":"Minfocus Announces Acquisition of Majority Interest in the Big Hill Gold Property and $2,125,000 Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 10, 2021) - Minfocus Exploration Corp. (TSXV: MFX) (\"Minfocus\" or the \"Company\") is pleased to announce that on September 3, 2021 it entered into a definitive Share Sale Agreement (the \"Agreement\") with Mining Projects Accelerator Pty Ltd. ACN 629 011 196 (\"MPX\"), a private Australian company, pursuant to which the Company will acquire MPX's ownership of 80% of the outstanding common shares (each, a \"Big Hill Share\") of Big Hill Gold Mining Company Pty Ltd. ACN 081 474 179 (\"Big Hill\") on the terms and conditions of the Agreement (the \"Proposed Transaction\"). Big Hill holds a 100% interest in an exploration permit and two mining licenses comprising the Big Hill Gold Property located in Queensland, Australia (the \"Big Hill Gold Property\"). Big Hill Gold PropertyThe Big Hill Gold Property consists of a single Exploration Permit (\"EPM\") EPM 18255 covering 24 sq km and includes two discrete granted mining leases owned by Big Hill (\"ML\") on the EPM. The EPM covers the historic mines of Big Hill (ML50287), Queenslander, Monte Cristo and Sultan & Taylor (ML50286) of the Talgai Goldfield within the EPM and is an excluded small ML held by an unrelated third party.The Talgai Goldfield is one of eight historical Goldfields in the broader Warwick-Texas District active in the late 19th century, which include Canal Creek, Thanes Creek, Leyburn, Palgrave, Pikedale, Lucky Valley and MacDonald Goldfields. The bulk of production in the historical mines of EPM18255 and the broader Warwick-Texas District occurred from initial discovery in 1864 until the early 1900s. Small-scale activity continued during intermittent periods in the 20th century with many of the larger historic mines remaining under mining leases and which have had limited modern exploration over the main lode deposits to date.Parts of EPM18255 have been covered by exploration permits almost continuously since 1980 as part of gold exploration programs within the broader Texas-Warwick district. The work programs involved varying amounts of mapping, stream sediment, soil and rock chip sampling. Recent exploration over the EPM completed by MPX in 2020 comprised surface geochemical sampling inclu...