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CMC Options a Second Property in the Highly Prospective Gander Subzone in Central Newfoundland - The Terra Nova Property
(TheNewswire) November 12, 2020 - TheNewswire - Vancouver, BC. - CMC Metals L...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Options a Second Property in the Highly Prospective Gander Subzone in Central Newfoundland - The Terra Nova Property\n \n \n (TheNewswire)\n \n \n \n November 12, 2020 -\n \n \n TheNewswire -\n \n \n Vancouver, BC. - CMC Metals Ltd. -\n(\"the Company\") (TSXV:CMB)\n \n \n (OTC\n \n \n :CMCXF\n \n \n )\n \n \n (\n \n \n Frankfurt:ZM5N\n \n \n )\n \n \n CMC is pleased to announce that it has acquired an option to\nearn up to a 100 percent working interest in the Terra Nova Property\nin the highly prospective Gander Subzone in Central Newfoundland,\nsubject to an option agreement (the \"Agreement\") with Nancy\nand Scott Rogers (the \"Prospectors\") of Hare Bay,\nNewfoundland.\n \n \n \n \n Pursuant to the terms of the Agreement, the Company\nwill pay $5,000 upon Execution of the Agreement and additional\npayments will be made on the first anniversary and in the following\nyears to the Prospectors as follows:\n \n \n \n \n 1st Anniversary Date, October 22, 2021: $24,000\ncash;\n \n \n \n \n 2\n \n \n nd\n \n \n Anniversary Date, October 22, 2022: $10,000\ncash;\n \n \n \n \n 3rd Anniversary Date, October 22,2023: $20,000 cash;\nand\n \n \n \n \n 4\n \n \n th\n \n \n Anniversary Date, October 22, 2024, $30,000\ncash.\n \n \n \n \n In addition, starting at the fifth anniversary date,\nthere will be an advance royalty of $5,000 per year payable to the\nProspectors and a conventional royalty of 2.0% of which 1.0% can be\npurchased at any time by the Company from the Prospectors for\n$1,000,000.\n \n \n \n \n The Terra Nova (gold-silver-copper-lead-tungsten)\nProperty is located approximately 45 kilometers southeast of Gander,\nis road accessible, and is transected by the HVdc power line. It is\nalso situated approximately 32 kilometers east of the high grade gold\ndiscovery by Newfound Gold Corp. (the \"Queensway\"\nProperty).\n \n \n \n \n The property comprises 71 claims (approximately 1,775\nhectares) and is underlain by the Square Pond Gneiss and sedimentary\nrocks of the Gander Group. Limited exploration work on the property to\ndate has served to identify a mineralized zone of up to 4 kilometers\nby 3 kilometers. The rocks contain ubiquitous quartz veins with\nlocally semi-massive sulfides including abundant pyrite, chalcopyrite,\nbornite and galena. Most recent prospecting work identified massive\ngalena veins that are yet t...