Business
Brascan Gold Enters into Option Agreement to Acquire a 100% of Middle Arm Fault Property
Vancouver, British Columbia--(Newsfile Corp. - November 4, 2021) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce, further to
About this update from Westgold Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 4, 2021) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce, further to its news release dated October 20, 2021, that it has entered into an option agreement (the \"Agreement\") with Jason Flight, Wayne Hurley, Kenneth Lewis and Daniel Jacobs (collectively, the \"Optionors\") to acquire a 100% interest in the Middle Arm Fault property located 30 km south of the town of Baie Verte, Newfoundland (the \"Property\"). The Property contains three (3) contiguous mineral claims covering 650 hectares. 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. Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by: (i) making an aggregate cash payment to the Optionors of $168,000; (ii) issuing an aggregate of 670,000 common shares of the Company to the Optionors; and (iii) incurring an aggregate of $725,000 in exploration expenditures on the Property all prior to the fourth anniversary of the date of the Agreement. The share issuances, cash payments and exploration commitments gradually increase over the term of the Agreement. The Optionors will retain a 2.5% net smelter royalty, 1.5% of which may be purchased by Brascan for $2,000,000. About the Company The Company is a gold exploration issuer based in Vancouver, BC. The Company holds an option over the Vulcan Pr...