Description of the Property
The Jumping Moose Property is located in Burrows and Kemp townships, in the Larder Lake Mining Division of northeastern
Historical work on the property identified a cluster of large angular and high grade Au-Ag-Te bearing quartz veins boulders on the east side of
Historical shallow drilling to identify the subcropping source of these boulders has intercepted elevated gold in bedrock. Drill hole BA-87-4 drilled by Argentex Minerals in 1987 intersected 1.1 m grading 6.96 g/t Au (MENDM assessment report 41P14SW0060). In 2012, drilling by
In the fall of 2017, IAMGOLD excavated two trenches in the vicinity of an anomalous IP chargeability response. In the spring of 2018, IAMGOLD completed channel sampling of folded quartz veins in sheared gabbro which resulted in 5.50 g/t Au over 3.30 m including 22.8 g/t Au over 0.65 m on Trench #1 (IAMGOLD assessment report dated
Trench #1 channel sampling assay highlights from sheared gabbro with quartz veining (IAMGOLD assessment report dated
- 5.50 g/t Au over 3.30 m, including 22.8 g/t Au over 0.65 m
- 11.462 g/t Au over 0.50 m
- 5.67 g/t Au over 0.48 m
- 5.17 g/t Au over 0.80 m
In 2018, IAMGOLD followed up the channel sampling up with 6 drill holes totalling 1,122 m. Drilling to test Trench #1 at depth resulted in drill hole JM-18-001 with 2.02 g/t Au over 1.0 m and JM-18-004 with 2.30 g/t Au over 0.90 m (IAMGOLD assessment report dated
* Please note that Grab samples are selective samples and are not necessarily representative of the mineralization hosted on the property.
Option Terms
Pursuant to a mineral property option agreement, the Company can acquire a 100% interest in the Jumping Moose property by:
- incurring an aggregate of
$2,700,000 toward exploration on the Jumping Moose property as to$100,000 in the first year,$200,000 in the second year,$400,000 in the third year, and a total of$2,000,000 during years four through six; and - paying
$95,000 to Canadian Gold as to$20,000 within 60 days of closing,$15,000 on the first or before the first Anniversary date,$20,000 on or before the second Anniversary date, and$40,000 on or before the third Anniversary date; and - issuing an aggregate of
$215,000 of common shares in the Company to Canadian Gold as to$20,000 worth of common shares within 60 days of closing,$15,000 worth of common shares on or before the first Anniversary date,$20,000 worth of common shares on or before the second Anniversary date,$40,000 worth of common shares on or before the third Anniversary date,$40,000 worth of common shares on or before the fourth Anniversary date,$40,000 worth of common shares on or before the fifth Anniversary date, and$40,000 worth of common shares on or before the sixth Anniversary date.
Canadian Gold will retain a 1% Net Smelter Return Royalty (NSR) from any commercial production from any Property encumbered by the pre-existing Swain and Decker agreement which consists of a 2% NSR. Furthermore, Canadian Gold will retain a 2% NSR from any commercial production from any unencumbered Property listed in the agreement. In addition, Canadian Gold will be entitled to receive additional payments upon the Company achieving certain milestones, being
Concurrent Financing
To finance the Company's first 12 months of option payments and exploration work on the Property, the Company also announces it will be undertaking a non-brokered private placement to raise up to
Qualified Person
ON BEHALF OF THE BOARD
"
_________________________
Chief Executive Officer and Director
Neither the
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Superior assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE
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