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Canadian Orebodies Acquires Strategic Goodchild Lake Property
TORONTO, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) or (“Orebodies”) (TSX-V:CORE) is pleased to announce that it has purchased th
About this update from Rocky Shore Gold Limited
[{"type":"text","content":" TORONTO, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) or (“Orebodies”) (TSX-V:CORE) is pleased to announce that it has purchased the “Goodchild Lake” mining property (the “Property”) which covers a strategic and highly prospective land holding in the middle of the Company’s 100% owned Black Raven project. The Property consists of 25 claim units totaling approximately 400 hectares, increasing the Company’s land holding in the immediate area to over 20,000 hectares. The Company purchased the claims from the court-appointed receiver of Century Mining Corporation (“Century”) for a cash payment of $40,000, the assumption of Century’s three percent (3%) net smelter returns royalty obligations in respect of the Property and the payment of a portion of the receiver’s expenses associated with the transaction. In connection with the purchase, Orebodies also entered into an agreement with Teck Resources Limited (“Teck”) to terminate certain rights Teck had in relation to the Property in exchange for the granting to Teck of a one-half of one percent (0.5%) net smelter returns royalty in respect of the Property. The Company also entered into an agreement with the existing net smelter returns royalty holders on the Property to vary the terms on which the royalty may be bought down. In exchange for the issuance of 40,000 shares of the Company, Orebodies has obtained the right to purchase up to two-thirds of the royalty for $1,500,000. “The Goodchild Lake acquisition covers a highly prospective property that hosts numerous high grade historical showings. Due to the bankruptcy proceedings these claims have not seen any follow up exploration in over a decade and a half,” said Gordon McKinnon, President and Chief Executive Officer of Canadian Orebodies. “With this acquisition the Company has solidified its land position in the area, which will allow for an aggressive and systematic 2018 exploration program of this gold bearing system.” The Property is underlain by mafic volcanics with minor interflow sediments which have been intruded by the Goodchild serpentinite. The Beggs Lake Stock, an elliptical intrusion approximately 3.2 km by 1.5 km in size, of quartz monzonite to trondhjemite composition intrudes the metavolcanic rocks and the serpentinite. Initial exploration on the Property during the 1...