Business
Quimbaya Gold & Independence Drilling Secure 4,000m Drill Deal - 100% Share-Based Partnership
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2025) - Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya Gold" or the "Company") is pleased to announce that, further to its news release on August 1, 2024 announcing the entering into of drilling contract with Independence Drilling S.A., a first service order has concluded for an initial first 4000-meter drilling campaign (the "Initial Drilling Campaign") for its Tahami South property which is adjacent and ...
About this update from Quimbaya Gold Inc
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - March 3, 2025) - Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya Gold" or the "Company") is pleased to announce that, further to its news release on August 1, 2024 announcing the entering into of drilling contract with Independence Drilling S.A., a first service order has concluded for an initial first 4000-meter drilling campaign (the "Initial Drilling Campaign") for its Tahami South property which is adjacent and on trend to Aris Mining's Segovia project. The contract has been assigned to Elawa S.A.S., an affiliated entity and mining division of Independence Drilling S.A., and concurrently the Company has also finalized an agreement with Palmer Assets Holding Corp. ("Palmer" and together with Elawa, the "Drilling Contractors") to provide consulting services for the Initial Drilling Campaign.","length":924,"tagName":"p"},{"type":"text","content":"This milestone marks Quimbaya Gold's next step toward discovery. With this drilling program, the company aims to:","length":117,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Unlock high-grade gold mineralization potential","length":47,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Leverage local expertise with top-tier partners","length":47,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Advance its flagship projects in Colombia's prolific Segovia district","length":73,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":167,"olType":false},{"type":"text","content":"The selected providers have established meaningful relationships with local communities and have contributed to the success of other Colombian exploration projects.","length":164,"tagName":"p"},{"type":"text","content":"Under the terms of this initial work order, Quimbaya Gold has agreed to compensate the Drilling Contractors 100% in shares through the issuance of units at $0.30, with each Unit consisting of one common share at $0.30 and one common share purchase warrant exercisable at $0.40 for a period of two years ("Consideration Units"). The total cost of the anticipated 4000-meter drilling campaign is expected to be approximately $1.2 million CAD. To align with project milestones, it is anticipated that...