Business
Canadian Gold Miner Options Gold and Cobalt Properties to Explorex
Canadian Gold Miner Options Gold and Cobalt Properties to Explorex Canada NewsWire...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nCanadian Gold Miner Options Gold and Cobalt Properties to Explorex\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSUDBURY, ON, Nov. 1, 2017\n\n\n\nSUDBURY, ON, Nov. 1, 2017 /CNW/ - Canadian Gold Miner Corp (\"CGM\", the Company) and Transition Metals Corp. (50% owner of CGM; XTM – TSX.V, \"Transition\"), jointly announce that CGM has entered into an agreement with Explorex Resources Ltd. (Explorex) to option 100% of CGM's interest in its Cobalt-Paragon Project (previously referred to as the Golden Elk Property by XTM/CGM, or the Property) to Explorex in exchange for $140,000 (of which $130,000 can be in cash or shares), the issuance of 1,700,000 Explorex shares and the completion of $1,275,000 in work expenditures over a 3-year period. Upon earning a 100% interest, CGM will retain a 1% Net Smelter Return royalty subject to a first right of refusal to buyback the NSR held by Explorex. The property consists of staked and patented property that was consolidated by CGM.\n\nCanadian Gold Miner CEO Greg Collins commented \"Optioning our interest in this project to Explorex will expose our shareholders and the XTM shareholders to upside coming from a great team active in the cobalt sector while enabling us to keep our focus on gold opportunities emerging from our South Kirkland project area.\"    \n\nAbout the Cobalt Paragon Project:\n\nThe Cobalt-Paragon project consists of two historic mines, the Cobalt-Frontenac and Paragon-Hitchcock, hosting two distinct target types: (1) at the Cobalt-Frontenac Archean volcanics, cut by NE-oriented shears with multiple east-west pinch and swell veins containing historic gold values on surface and (2) Proterozoic  Nipissing diabase sills hosting quartz–calcite veining with silver and cobalt mineralization at the Paragon-Hitchcock. Historic exploration dates largely to the period from 1900 to 1920 and was focused on prospecting to identify mineralized structures followed by underground development. Neither of these mines has ever been investigated by modern exploration m...