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RJK Option Agreement for High Grade Gold Property in Destor-Porcupine Fault Zone
KIRKLAND LAKE, ON / ACCESSWIRE / May 31, 2016 / RJK Explorations Ltd. (TSXV: RJX.A), ("RJK")...
About this update from Rjk Explorations Ltd. Class A
[{"type":"text","content":"RJK Option Agreement for High Grade Gold Property in Destor-Porcupine Fault ZoneKIRKLAND LAKE, ON / ACCESSWIRE / May 31, 2016 / RJK Explorations Ltd. (TSXV: RJX.A), (\"RJK\") is pleased to announce that it has entered into a property option agreement with Globex Mining Enterprises Inc. (\"GMX\") to acquire a 100% beneficial interest in the mineral property referred to as the Ramp Property (\"Ramp\") located in the Beatty, Carr, Coulson and Wilkie Townships, Province of Ontario, comprised of 66 unpatented mining claims, 16 patented mining claims, 3 mining leases and certain related patented and leased surface rights. \nFor the sum of $10,000, paid on signing, RJK is entitled to exercise the option to earn a beneficial 100% interest in the \"Ramp\" property, paying the sum of $250,000 on or before July 15, 2016 and granting a 2.5% GMR (Gross Metal Royalty) to GMX, which can be reduced by 1% with the payment of $2 million. The agreement also provides RJK will be required to pay a minimum annual payment under the GMR of $250,000 on every Anniversary of the Effective Date thereafter.\nThe Property is also subject to a 1.5% NSR in favor of a party related to GMX which can be reduced by 0.5% with the payment of $500,000. A 1.5% NSR is also payable to an unrelated party on two separate patented land parcels can be reduced by 1% with the payment of $300,000.\nHistory of the Ramp Property\nCautionary Note on Historic Estimates: The following description is based on information provided by GMX which, although thought to be accurate, has not been independently verified by RJK. Included in the description are references to mineralization classified as a \"reserve\" or a \"resource\" which were prepared prior to implementation of National Instrument 43-101 (\"NI 43-101\"). RJK has not independently verified these results and considers them to be \"Historical Estimates\" under NI 43-101 since a qualified person has not done sufficient work to classify the historical estimates as a current mineral resource and RJK is not treating them as current mineral reserves.\nGMX records indicate that work was first initiated on the property in 1915 when gold was discovered on the Beatty Township claims. ;Between 1915 and the 1960s, Hill Gold and Premier Gold Mining, Argyll Gold Mines, Sylvanite, Rio Rupununi Mines and Lake Osu Mines conducted numerous exp...