Business
St. Anthony Gold Corp. Panama Lake Update
VANCOUVER, BC / ACCESSWIRE / October 20, 2021 / St. Anthony Gold Corp. ("St. Anthony" or the "Company") (CSE:STAG)(Frankfurt:M1N)(OTC PINK:MTEHF) provides the f
About this update from Spark Energy Minerals Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / October 20, 2021 / St. Anthony Gold Corp. (\"St. Anthony\" or the \"Company\") (CSE:STAG)(Frankfurt:M1N)(OTC PINK:MTEHF) provides the following update on the Panama Lake property: While the St. Anthony gold mine property has been the primary focus of the Company over the past year, recent developments in the Red Lake Mining District surrounding the Panama Lake gold project have sparked considerable new interest. As a result, management is updating budgets and exploration plans for the near future. The interest in Panama Lake is being reinforced by leading gold companies and joint ventures that are moving to secure nearby and adjacent properties. Kenorland Minerals Ltd. and its JV partner, Barrick Gold has recently added significant land holdings that are contiguous to the Panama Lake property. As one of the major gold developers on the world, participation by this group is evidence of a renewed focus on this mining district. The Panama Lake option agreement (the \"Option Agreement\") between the Company and Benton Resources Inc. was signed in October 2019. In order to earn a 50% interest, St. Anthony was required to issue 2 million shares, complete $450,000 of qualified expenditures on the Property, and make two annual cash payments of $100,000 or issue the equivalent value in common shares, all within 24 months from the date of the option agreement. Upon the $100,000 value in either cash or shares being paid, St. Anthony will have earned a 50% interest in the Panama Lake property. Additionally the Company has provided notice that it will seek to earn a further 20% interest. The Company has the option to own the balance of the property or 100% ownership of the entire Panama Lake property subject to a 2% royalty under standard industry terms. ABOUT THE PANAMA LAKE PROPERTY: The Panama Lake Gold project consists of 11,700 Hectares in the historic Red Lake Mining district and is located approximately 80 km along strike from Great Bear Resources Ltd Dixie discovery. Past exploration efforts by Goldcorp, Noranda, Benton and ST. Anthony have resulted in a property with a very high data density allowing work to be focused on areas of high mineral potential. St. Anthony Corp. completed preliminary diamond drilling of geophysical targets in 2020. A new gold showing discovered by Benton Resources consisting o...