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Pivit Exploration Inc. to Acquire Pinot Gold Inc.; Secures Strategic and District-Scale Red Lake Position On-Trend with and Adjacent to Great Bear Resources Dixie Project
Vancouver, British Columbia (FSCwire) - Pivit Exploration Inc. (CSE: PIVT) (the "Company" or "Pivit") is very pleased to announce that, as further described bel
About this update from Red Lake Gold Inc
[{"type":"text","content":"Vancouver, British Columbia (FSCwire) - Pivit Exploration Inc. (CSE: PIVT) (the \"Company\" or \"Pivit\") is very pleased to announce that, as further described below, it has agreed to acquire the Whirlwind Jack Gold Project (“Whirlwind Jack”) situated adjacent to and on-trend with Great Bear Resources’ (GBR-TSXV)(“Great Bear”) Dixie Project near Red Lake, Ontario. The Whirlwind Jack project is district-scale and consists of 613 mining claims covering approximately 30,584 acres (12,382 hectares). Figure One (above): Whirlwind Jack Claim Map (www.pivitx.com/whirlwind_claims.pdf) “Pivit has secured a district-scale Red Lake land position covering a significant portion of an underexplored greenstone belt most recently highlighted by Great Bear Resources high-grade drill discovery at their adjacent Dixie gold project. This acquisition immediately positions Pivit’s shareholders in Canada’s most preeminent gold camp while retaining an exceptional share structure. Management could not be more pleased to secure such a major greenstone holding within the Red Lake camp, particularly given the district’s historic and ongoing production which now stands at more than 30 million ounces of gold,” stated Michael England, CEO of Pivit Exploration. About the Whirlwind Jack Gold Project The Whirlwind Jack Gold Project tenures, as described above, are contiguous to the west of Great Bear’s recently announced high-grade discovery hole (Great Bear Resources Ltd. news release, Great Bear Announces High-Grade Discovery; Drills 16.5 m of 26.91 g/t Gold and 7.00 m of 44.47 g/t Gold in Two Holes at Hinge Zone, Dixie Project, Red Lake District dated August 22, 2018). Subsequent to the referenced drill discovery on the adjacent Dixie gold project, Great Bear promptly secured a $10 million investment led by Rob McEwan and McEwan Mining (Great Bear Resources Ltd. news release, Great Bear Resources Announces $10 Million Private Placement, Investment from Rob McEwan and McEwan Mining dated August 24, 2018). The Company is of the view that go-forward exploration work by Great Bear at the adjacent Dixie project will continue to highlight the exploration potential of the greenstone belt which underlies the length of the Whirlwind Jack and the Dixie projects, respectively. The Whirlwind Jack Gold Project shares similar greenstone and geologic assemblages ...