Business
Mawson Joint Ventures Western USA Gold Project
VANCOUVER, BC / ACCESSWIRE / August 5, 2020 / Mawson Gold Limited ("Mawson" or "the Company...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson Joint Ventures Western USA Gold ProjectVANCOUVER, BC / ACCESSWIRE / August 5, 2020 / Mawson Gold Limited (\"Mawson\" or \"the Company\") (TSX:MAW)(Frankfurt:MXR)(OTC Pink:MWSNF) announces it has signed a Letter of Intent (\"LOI\") to Joint Venture the Western USA Epithermal Gold Project (the \"WUSA Project\"), a district-scale, underexplored, permitted and drill ready epithermal gold-silver project located within the Western Cascades, Oregon, USA to Aguila American Gold Ltd (\"Aguila\").Key PointsMawson has signed an LOI detailing investment terms whereby Aguila will invest US $ 1.2 million to earn up to an 80% interest in the WUSA Project. After the US$1.2M investment by Aguila, Mawson will hold a 20% non-dilutable position in the project, until a decision to mine, and will be free carried by loans from Aguila, repayable from production cash flows;Mawson will continue to focus on three globally significant precious-metal terrains (Finland and both the Victorian Goldfields and Mt Isa in Australia), while still maintaining exposure to the under-explored WUSA district-scale high and low sulphidation epithermal gold project.Michael Hudson, CEO, states, \"While Mawson continues to focus on our core gold projects in the Victorian Goldfields of Australia and Lapland in Finland, we have found a solid partner in Aguila to share in the upside of the WUSA gold project in Oregon. Shareholders can anticipate results from drill programs from four globally precious-metal terrains being Finland, the Victorian Goldfields, Mt Isa in Australia and now Oregon during the remainder of the 2020 year.\"The LOI provides Aguila with the right to earn up to an 80% interest in the WUSA Epithermal Gold Project, Oregon through committing to certain exploration expenditures. Aguila must invest US$200,000, including 600 meters of diamond drilling during calendar 2020, to earn a 51% interest in the project. By investing a further US$1,000,000 in exploration, by no later than by December 31, 2022, Aguila can earn an additional 29% interest in the project (80% in total). On Aguila acquiring an 80% interest, the 20% holding of Mawson will be non-dilutable until a decision to mine, and Mawson shall be free carried by loans from Aguila, repayable from production cash flows. The acquisition of the WUSA Project by the Company is subject to completion of a Priv...