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TNR Gold Corp. Options 100% Interest in Iron Ore Project, Northwestern Ontario
(via Thenewswire.ca) Vancouver B.C.: TNR Gold Corp. (TNR:TSX-V) ("TNR" or the "Company") is p...
About this update from Tnr Gold Corp.
[{"type":"text","content":"\nTNR Gold Corp. Options 100% Interest in Iron Ore Project, Northwestern Ontario\n\n(via Thenewswire.ca)\n\n \nVancouver B.C.: TNR Gold Corp. (TNR:TSX-V) (\"TNR\" or the \"Company\") is pleased to announce that the Company has entered into a purchase option agreement (the \"Agreement\") on the acquisition of the Soules Bay Iron Ore project.\n\n\n \nKey Highlights:\n\n\n \n-Readily accessible: proximal to highway, power and rail;\n\n\n \n-12kms of highly magnetic iron formation strike length contained within the Property;\n\n\n \n-Partially overlapping and adjacent to the west is a historical reserve* of 628 million tonnes grading 23.1% soluble iron**;\n\n\n \n-94.5 metre composite 1957 drill sample reports 24.9% soluble iron within and near the western boundary of the Property;\n\n\n \n-Iron formation extending to the west has witnessed considerable exploration while limited exploration performed within Property boundary on same-trend magnetic anomaly; and\n\n\n \n-The Company to acquire 100% interest.\n\n\n \n\"The acquisition of the Soules Bay Iron Ore project, encompassing 12 kilometres in strike length of a more extensive iron formation known to host a significant historical reserve, represents a remarkable opportunity for TNR to become a key player in the exploration and potential development of Canadian based Iron projects,\" states TNR President and CEO Gary Schellenberg.\n\n\n \nA comprehensive exploration program consisting of a high resolution airborne magnetic survey, geologic mapping/prospecting and subsequently diamond drilling is planned to be performed throughout the Property along the extent of the highly prominent iron formation.\n\n\n \nUnder the terms of the Agreement, TNR will acquire a 100% interest in the Property by making aggregate cash payments of $99,065 and issuing an aggregate of 150,000 common shares over a four year period to the Optionor. The Optionor retains a 2% net smelter return royalty on the Property subject to TNR's right to purchase one-half (1/2) of the two percent (2%) for $1 million at any time. The Agreement is made between the Company and Perry English of Souris, Manitoba, an authorized agent for Rubicon Minerals Corporation (RMX:TSX) (the \"Optionor\").\n\n\n \nThe Agreement is subject to TNR obtaining approval from the TSX Venture Exchange.\n\n\n \nSoules Bay Property\n\n\n \nThe 190...