Business
Brascan Gold Enters into Option Agreement to Acquire Black Cat Property in Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - December 7, 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. - December 7, 2021) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce that it has entered into an option agreement (the \"Agreement\") with Jason Flight, Wayne Hurley, Kenneth Lewis, Garland Rice, Peter Hurley and Daniel Jacobs (collectively, the \"Optionors\") to acquire a 100% interest in the Black Cat property located 40 km south of the town of Baie Verte, Newfoundland (the \"Property\"). The Property contains 56 mineral claims and has two licences. The Property is near Brascan's Middle Arm Fault property, which Brascan optioned on November 4, 2021. The Property is accessible by road and is within 100 km of the Nugget gold/copper milling facility. The option claims are near the northern boundary of Maritime Resources Corp.'s Whisker Valley project, and Maritime's past-producer Hammerdown gold deposit, which is described in some detail in Maritime's PEA (McCracken et al., 2020).[1] The province of Newfoundland and Labrador is ranked among the top 10 mining jurisdictions world-wide by the Fraser Institute. The Baie Verte district in northwestern Newfoundland boasts excellent infrastructure reflecting its long mining history including a skilled workforce, a deep water port facility at Pine Cove, gold milling facilities at Pine Cove and Nugget Pond, a local assay laboratory, local mining and drilling contractors, high power transmission lines, a regional airport (100 km from the community of Baie Verte) and local hospitals, schools, hotels and supplies. 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). An initial round of sampling on the Property in 2020 resulted in 17 of 35 samples having the sulphite content of the quartz veins similar to the nearby Whisker Valley property. Given the strong gold content in the soil and till anomalies, it is likely that gold exists near the surface and within the mineralized quartz vein system of the Property. 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...