Business
Brascan Gold Announces LOI Respecting 100% Earn-In Option on the Middle Arm Fault Property, Newfoundland and Other Corporate Updates
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2021) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce that it has
About this update from Westgold Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 20, 2021) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce that it has entered into a non-binding Letter of Intent (the \"LOI\") with Jason Flight, Wayne Hurley, Kenneth Lewis and Daniel Jacobs (collectively, the \"Optionor\"), respecting an option to explore for gold and other metals on the Middle Arm Fault Property (\"Property\") located approximately 30 km south of the town of Baie Verte, Newfoundland. The Property comprises three contiguous minerals claims covering 650 hectares and is easily accessible by a forest road. The LOI contemplates an option for Brascan to earn a 100% interest in the Property through cash payments to the Optionor aggregating CDN $168,000, issuance to the Optionor of an aggregate of 670,000 common shares, and completion of CDN $725,000 in exploration work on the Property, all spread out over four years and weighted to the later years. The Optionor would retain a 2.5% NSR with a buy-down to 1.5% for CDN $2 million. Newfoundland and Labrador is ranked among the top 10 mining jurisdictions world-wide by the Fraser Institute, and boasts excellent infrastructure reflecting its long mining history including roads, grid power, port facilities, complete mining services as well as a skilled and experienced workforce. The option claims are contiguous with the northern boundary of Maritime Resources Corp.'s Whisker Valley Project, and 14 km north of Maritime's past-producer Hammerdown gold deposit, which is described in some detail in Maritime's PEA (McCracken et al., 2020)[1]. The Property covers a portion of the regionally significant Middle Arm Fault, which extends more than 15 km to the southwest, where it is spatially associated with several gold showings, as reported on the Newfoundland and Labrador Geoscience Atlas (https://geoatlas.gov.nl.ca/Default.htm). A 2.5 km long magnetic high anomaly occurs adjacent to the Middle Arm Fault on the Property, and Brascan considers this anomaly to be a target warranting follow up exploration. Brascan Creates New Subsidiary The Company is also pleased to announce that it has incorporated a subsidiary, named Baie Verte Resources Inc. (\"BVR\"), to hold all mineral properties optioned, acquired or staked in Newfoundland. BVR's provincial office will be based in the Town of Bai...