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Cascavel was constructed in 2016 and has an existing fully dewatered underground mine and idled mill that includes an In-Line Pressure Jig,
The Mining Assets principally comprise a large tenement package, located in the central Brazilian State of Goias, consisting of 20 tenements representing 137 km2, which encompass the Cascavel, Sertao and Tinteiro Projects, as well as numerous other advanced gold exploration targets including Digo,
The historical estimate is based on two (2) domains - Oxide and Sulphide as highlighted in Table 1.A 1 g/t Au cut-off was used in consideration that grades are sufficient for a likely open pit mining method (i.e. Oxide zone). A higher cut-off grade of 3 g/t Au was used in consideration of the likely underground mining scenario (Sulphide zone).
Table 1: Sertao Historical Estimate as at
------------------------------------------------------ |Domain |Category |Cut-off |Tonnage |Grade|Contained| | | |(g/t Au)|(tonnes)|(g/t |Gold | | | | | |Au) |(ounces) | |----------------------------------------------------| |Oxide |Measured |1.0 |9,490 |3.65 |1,114 | | |-------------------------------------------| | |Indicated|1.0 |24,030 |6.96 |5,377 | | |-------------------------------------------| | |Inferred |1.0 |38,979 |4.94 |6,191 | |----------------------------------------------------| |Sulphide|Measured |3.0 |- -- -- | | |-------------------------------------------| | |Indicated|3.0 |57,824 |8.03 |14,928 | | |-------------------------------------------| | |Inferred |3.0 |92,788 |7.26 |21,658 | |----------------------------------------------------| |Total |Measured | |9,490 |3.65 |1,114 | | |-------------------------------------------| | |Indicated| |81,854 |7.72 |20,305 | | |-------------------------------------------| | |Inferred | |131,767 |6.57 |27,849 | ------------------------------------------------------
A qualified person has not done sufficient work to classify the historical JORC estimate asNational Instrument 43-101 -Standards of Disclosure for Mineral Projects("NI 43-101") compliant mineral resources or mineral reserves, and the Company is not representing any historical estimate as mineral resources or mineral reserves.Upon review of the JORC Report, the estimate is considered relevant and reliable to describe the historical estimate for the
The Mining Assets are located south of established greenstone belts, largely occupied by mineral tenements surrounding AngloGold Ashanti's Crixas Mine and Equinox
Also included within the portfolio are:
- Tinteiro - a polymetallic prospect. Highlights of the 52 hole drill program include a drill intersection of 17.6m @ 1,292 g/t silver in
- The Antena-Xupecluster of 5 dormant open pits. In
An existing 25 km private haul road runs between Cascavel, Antena-Xupe andSertao. The processing plant complex includes a fully licensed state-of-the-art modular laboratory with a sample preparation section designed and commissioned by SGS. The laboratory is fully licenced by the CRQ (
As a condition of the transaction,
Transaction Summary
The OBM Acquisition Term Sheet contemplates, among other things, the sale by OGX's wholly owned Australian subsidiary,
Pursuant to the Transaction, Pacific Arc will acquire all of the issued and outstanding shares of
As per the LOI, it is anticipated that prior to or concurrently with the closing of the Transaction, Pacific Arc or
The Transaction is subject to a number of terms and conditions, including, but not limited to, the parties entering into a definitive agreement with respect to the Transaction on or before
Trading in Pacific Arc shares will remain halted pending the completion of the Transaction. Further details concerning the Transaction and other matters will be announced, if and, when a Definitive Agreement is reached.
Pacific Arc will provide further details in respect of the Transaction in due course by way of press release. However, Pacific Arc will make available to the TSX-V, all information including financial information as required by the TSXV and will provide, in a press release to be disseminated at a later date, required disclosure.
Information Concerning 1232123
Management and Board of Directors of the Resulting Issuer
Upon closing of the Transaction, the board of directors of the Resulting Issuer shall consist of five members, including
Shareholder Meeting
The Company does not intend to seek shareholder approval of the Transaction, as the Transaction is not a related party transaction within the meaning of MI 61-101 or the policies of the TSX-V and no other circumstances exist which may compromise the independence of the Company. The Company is a NEX-listed issuer without active operations; the Company is not and will not be subject to a cease trade order and will not otherwise be suspended from trading on completion of the Transaction; and shareholder approval of any aspect of the Transaction is not required under applicable corporate laws or securities laws.
Sponsorship
The Company also intends to apply for a waiver from the requirement to obtain a Sponsor for the Transaction, however, there can be no assurance that a waiver will be obtained. If a waiver from the sponsorship requirement is not obtained, a sponsor will be identified at a later date. An agreement to act as sponsor in respect of the Transaction should not be construed as any assurance with respect to the merits of the Transaction or the likelihood of its completion.
Name Change
Upon completion of the Transaction, the Company intends to change its name to a new, as yet to be determined name. The parties expect that the TSX-V will assign a new trading symbol for the Resulting Issuer.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Pacific Arc should be considered highly speculative.
The
Neither the
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John MacPhail"
For more information please contact:
Qualified Person
This news release does not constitute an offer to sell and is not a solicitation of an offer to buy any securities in
Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological risks, risks associated with the effects of the COVID-19 virus, the financial markets generally, the results of the due diligence investigations to be conducted by the Company, the ability of the Company to complete the Transaction or the Offering or obtain requisite TSX-V acceptance and, if applicable, shareholder approvals. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
2020 number 3
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