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Snowline Gold Enters Into Property Option Agreement
Acquisition of five claim blocks from arm's length vendors increases Snowline's targeted Yu...
About this update from Snowline Gold Corp.
[{"type":"text","content":"Snowline Gold Enters Into Property Option AgreementAcquisition of five claim blocks from arm's length vendors increases Snowline's targeted Yukon Territory land position by 18%Extensive historical dataset includes a 350 x 200 m zone of highly anomalous gold in soils with eight soil samples >1 g/t Au, up to 6.4 g/t Au, within a broader 3.5 x 1.0 km gold-in-soil trendNew land position triples coverage of Snowline's \"Ursa\" trend to > 30 km of prospective strike length.VANCOUVER, BC / ACCESSWIRE / September 14, 2021 / Snowline Gold Corp. (CSE:SGD) (OTCQB:SNWGF) (the \"Company\" or \"Snowline\") is pleased to announce that it has entered into a property option agreement with Epica Gold Inc. and Carlin Gold Corporation (together the \"Optionors\") dated September 9, 2021 (the \"Agreement\"), pursuant to which the Company has acquired the option (the \"Option\") to purchase a 100% interest in 812 mining claims in five blocks collectively covering approximately 16,500 hectares (the \"Properties\"). The Properties are located in the Mayo mining district, Yukon Territory, where they supplement Snowline's existing claim position across a regional geological feature considered by the company to be highly prospective for gold and base metal mineralization. Snowline's mineral holdings now comprise some 106,500 hectares and are focused within the Selwyn Basin.Under the terms of the Agreement, Snowline can acquire the Properties in exchange for payments to the Optionors of $100,000, ($50,000 on signing and $50,000 on the first anniversary), and issuing 1,000,000 common shares to the Optionors, (500,000 common shares issued on signing and 500,000 on the first anniversary). All payments made by the company are divided 50/50 amongst the Optionors. The agreement is subject to a 2% net smelter returns royalty, with a 1% buy-back provision for $2,000,000.All securities issued pursuant to the Agreement will be subject to a four‐month and one day hold period in accordance with applicable Canadian securities laws.\"This claim package has been on Snowline's radar from a long time,\" said Scott Berdahl, CEO and Director of Snowline. \"With our promising results this season, we are excited to further solidify our cornerstone position in an area with demonstrated and increasing potential to become a significant new gold and base metals distri...