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Visionary Gold Corp. Acquires Lease on Past-Producing Mint Gold Leaf Mine in Lewiston District, 3.7km from Wolf Gold Project
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - Visionary Gold Corp (TSXV: ...
About this update from Visionary Metals Corp
[{"type":"text","content":"Visionary Gold Corp. Acquires Lease on Past-Producing Mint Gold Leaf Mine in Lewiston District, 3.7km from Wolf Gold ProjectVancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - Visionary Gold Corp (TSXV: VIZ) (\"Visionary\" or the \"Company\") is pleased to announce that it has entered into an agreement to lease, with an option to buy (the \"Agreement\"), the Mint Gold Leaf Mine, which consists of three unpatented mining claims on sixty acres, which is contiguous with other Visionary claims in Lewiston Gold District, of Fremont County, Wyoming. The Mint Gold Leaf Mine contains two shafts, 150 metres apart with more than a dozen prospect pits along a north east trending, 1,500 metre shear structure that is exposed at surface. According to past geologic reports, sampling in the 1980s yielded assay results of 1.29 oz per tonne gold and 3.05 oz per tonne gold across a 0.76 metre vein exposure within the mine workings, which illustrates the potential for high-grade gold mineralization. The abundance of prospect pits along the mineralized structure also indicates potential for additional mineralization in parallel veins within the shear corridor. Thorough sampling of the historic workings at the Mint Gold Leaf Mine will commence shortly, as Visionary begins its 2021 exploration program and prepares for drilling this summer at its primary target just 3.7km north at the Wolf Mine. The initial term of the Agreement expires on March 23, 2026, subject to the option of the Company to extend the expiry date for a further five-year period. Visionary will pay to the lessor the sum of USD $30,000 per year during the term of the Agreement and has an option to buy the property for USD $3,000,000 at any point during the term of the Agreement. Additionally, during the term of the Agreement, a 4% net smelter returns royalty is payable to the current owners of the property; however Visionary has the right to buy down the royalty to 2% for USD $2,000,000 per percentage point. Visionary can terminate the Agreement at any time, without penalty.Visionary CEO, Wes Adams comments: \"We are pleased that the 2021 exploration season is upon us and are excited to be kicking it off by adding another very compelling gold target with high grades reported in near-surface veins. Exploration activities are now underway and summer drilling at the Wolf Min...