Business
Brascan Gold to Acquire Seven Gold Properties in Newfoundland
VANCOUVER, British Columbia, April 06, 2022 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (CSE: BRAS) (“Brascan” or the “Company”), together with its subsidiary Baie Ve
About this update from Westgold Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, April 06, 2022 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (CSE: BRAS) (“Brascan” or the “Company”), together with its subsidiary Baie Verte Resources Inc., has entered into a letter of intent (the “Letter of Intent”) with Quinlan Prospector’s Group (“Quinlan”) respecting an option over seven (7) prospective gold properties (the “Properties”) in the Province of Newfoundland. The Properties (identified in blue in the below image) cover a total of 13,125 hectares spread broadly across Newfoundland. Brascan’s current stable of five (5) gold properties are identified in gold in the below image and are focused in northern Newfoundland in the Baie Verte area. The Letter of Intent contemplates the Company’s and Quinlan’s entry into of a definitive option agreement with Quinlan (the “Definitive Agreement”) for Brascan to earn a 100% interest in the Properties upon the completion of the following within 48 months of execution of the Definitive Agreement: (i) making aggregate cash payments to Quinlan in the amount of $281,000; (ii) issuing an aggregate of 2,100,000 common shares of the Company to Quinlan or its nominee; and (iii) incurring an aggregate of $400,000 in exploration expenditures to fully complete an exploration program. The share issuances and cash payments will gradually increase over the term of the Definitive Agreement. Upon earn-in under the Definitive Agreement, Quinlan will retain a 2% net smelter royalty (“NSR”) over the Properties, 1% of which may be purchased by Brascan for $1,000,000, on or before a production decision. The description provided by Quinlan of each of the Properties is as follows: Arsenic IslandStraddles the Dog Bay fault line. Textbook folding in outcrops with intense quartz veining. Miles CoveProperty covers a historic copper mine and 1 km of its strike length with untested gold values. Gem LakeProperty covers a section of unexplored Davidsville Group geology which is the same group as the high grade Keats gold zone that Newfound Gold Corp. has been developing. Valentine Lake AreaProperty is next to Marathon Gold’s Valentine Lake multimillion ounce gold deposit. Historic samples show high gold in tills and soils that could have the potential for mineralization that may have been overlooked. Avalon Property covers a structurally controlled shear related, epithermal prospe...