Business
Brascan Gold Enters into Option Agreement to Acquire a 100% of Alegre Property
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2021) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce, further t
About this update from Westgold Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 22, 2021) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce, further to its news release dated November 1, 2021 (the \"Previous News Release\"), that it has entered into an option agreement (the \"Agreement\") with Chapada Brasil Mineração Ltda. (the \"Optionor\") to acquire a 100% interest in the Alegre property (the \"Property\") located in Pará State, northeastern Brazil. The Property comprises a single exploration licence of 9,465 hectares. The Optionor is based in Bahia State, Brazil. Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by: (i) making aggregate cash payments of $400,000; (ii) issuing an aggregate of 800,000 common shares of the Company; and (iii) incurring an aggregate of $1,000,000 in exploration expenditures on the Property all prior to the fourth anniversary of commencing the earn-in under the Agreement. The share issuances, cash payments and exploration commitments gradually increase over the term of the Agreement. The Optionors will retain a 2.0% net smelter royalty, 1.0% of which may be purchased by Brascan for $1,000,000. The earn-in period under the Agreement will commence upon completion of the Company's due diligence on the Property, which may be carried out until January 29, 2022. \"We look forward to working with the Brascan Gold team on our Alegre Gold project. Our exploration team is already active on the project and, with Brascan's financial support, we expect to advance the field work towards a drilling program early next year,\" stated Kenneth Johnson the CEO of the Optionor. \"Brascan is moving quickly to advance the Alegre Gold project. We are excited to work with Chapada Brasil Mineração Ltda.'s skilled technical group in Para State, Brazil. The Property has potential to discover and delineate a gold resource that can support industrial-scale production,\" stated Balbir Johal a director of the Company. About the Company The Company is a gold exploration issuer based in Vancouver, BC. The Company holds options over the Vulcan Property, located in the Fort Steele Mining Division in southeastern BC, the Middle Arm Fault property, located 30km south of the town of Baie Verte, Newfoundland, and the Alegre Property, located in Pará State, northeastern Brazil. For further...