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Aguila American Gold Announces Acquisition of District Scale Gold Project in the USA and Concurrent Financing
Vancouver, British Columbia--(Newsfile Corp. - August 5, 2020) -   August 5 th , 2020...
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[{"type":"text","content":"Aguila American Gold Announces Acquisition of District Scale Gold Project in the USA and Concurrent FinancingVancouver, British Columbia--(Newsfile Corp. - August 5, 2020) -  August 5th, 2020: Aguila American Gold Limited (TSXV: AGL) (\"Aguila\" or the \"Company\") - is pleased to announce signing of a Letter of Intent (\"LOI\") , dated July 27th, to secure through Joint Venture the WUSA 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. In conjunction with this LOI the Company announces its intention to complete a non-brokered part and parcel private placement of up to 11,000,000 units (the \"Units\") at a price of $0.225 per Unit for aggregate gross proceeds to the Company of $2,475,000 (the \"Private Placement\"). Each Unit comprises one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.45 per common share for a period of two years from closing. Key PointsAguila has signed an LOI detailing investment terms to acquire up to an 80% interest in the WUSA Project from Mawson Resources Ltd (\"Mawson\"). The project area lies in the central Western Cascade Ranges of Lane and Douglas Counties, Oregon, USA;WUSA is a district-scale project, highly prospective for high and low sulphidation epithermal gold systems. The site lies adjacent to a 19th century gold rush area where placer mining is being actively undertaken; The MOU delivers to Aguila the mineral rights to approximately 70,000 hectares of land. Due to long term ownership by a single private landholder, the region has been behind locked gates and largely unexplored for more than 150 years;Through mapping, soil and stream sediment geochemical sampling, ground magnetics, historic data analysis and drilling, Mawson defined three areas for detailed exploration, the Scorpion-Cinnabar, Huckleberry and Walker Creek prospects. Each prospect is characterised by gold anomalous soil and rock geochemistry with associated, Sb, As, Hg, Bi, Mo that are coincident with classic epithermal alteration zones (alunitic, silicification, argillic and propylitic); At Scorpion-Cinnabar, a gold in soil geochemical anomaly has been identified acro...