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CMC Options the Bridal Veil Property in the Highly Prospective Gander Subzone in Central Newfoundland
(TheNewswire) November 3, 2020 - TheNewswire - Vancouver, BC - CMC Metals Ltd...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Options the Bridal Veil Property in the Highly Prospective Gander Subzone in Central Newfoundland\n \n \n (TheNewswire)\n \n \n \n November 3, 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 ) (Frankfurt:ZM5N)\n \n \n CMC is pleased to announce that it has acquired\nan option to earn up to a 100 percent working interest in the Bridal\nVeil Property in the highly prospective Gander Subzone in Central\nNewfoundland, subject to an option agreement with the BVAR Group (the\n\"Agreement\") of St. John's, Newfoundland. The Agreement is\nsubject to approval from the TSX Venture Exchange.\n \n \n \n \n Pursuant to the terms of the Agreement, the Company\nwill pay $16,000 upon execution of the Agreement and 120,000 common\nshares and additional payments will be made on the first anniversary\nand in the following years to the BVAR Group as follows:\n \n \n \n \n 1st Anniversary Date, October 22, 2021:\n \n \n \n \n \n \n a)\n \n \n $24,000 cash plus the issuance\nof 100,000 common shares of the Company; or,\n \n \n \n \n \n \n b)\n \n \n $10,000 cash plus the issuance\nof 200,000 common shares of the Company;\n \n \n \n \n \n \n 2nd Anniversary Date, October 22, 2022:\n \n \n \n \n \n \n a)\n \n \n $20,000 cash plus the issuance\nof 100,000 common shares of the Company; or,\n \n \n \n \n \n \n b)\n \n \n $10,000 cash plus the issuance\nof 200,000 common shares of the Company;\n \n \n \n \n \n \n 3rd Anniversary Date, October 22, 2023:\n \n \n \n \n \n \n a)\n \n \n $20,000 cash plus the issuance\nof 100,000 common shares of the Company; or,\n \n \n \n \n \n \n b)\n \n \n $10,000 cash plus the issuance\nof 200,000 common shares of the Company;\n \n \n \n \n \n \n and a conventional royalty of 2.5% of which 1.5% can be\npurchased at any time by the Company from the BVAR Group for\n$1,000,000 per 1%.\n \n \n \n \n The Bridal Veil (gold-copper-silver) Property located\n10 kilometers east of Gander immediately adjacent to the Trans-Canada\nHighway and is situated between the Newfound Gold Corp.\n\"Queensway\" Property (15 kilometers to the west) and the\nStarTrack Gold Property near Benton, Newfoundland. The Bridal Veil\n \n \n \n \n Property\ncomprises of 126 claims (3,150 hectares) and lies within the Gander\nZone and is underlain by sedimentary rock...