Jet Gold Announces Assumption of Option Agreement and Private Placement
30 4월 2014 - 9:30PM
Access Wire
VANCOUVER, B.C., CANADA / ACCESSWIRE / April 30, 2014 / Jet Gold
Corp. ("Jet Gold" or the "Company") (TSX-V: JAU) is pleased to
announce that it has entered into an assignment and assumption
agreement dated effective April 29, 2014 (the "Assignment
Agreement") with Donnybrook Capital Corp. ("Donnybrook") pursuant
to which the Company has assumed all of the obligations and
payments under an existing mineral property option agreement
between Donnybrook, John A. Chapman and KGE Management Ltd. for a
group of minerals claims referred to as the Columbia Queen Property
(the "Property"), located in the Revelstoke Mining Division of
British Columbia (the "Option Agreement").
Per the terms of the Option Agreement, Jet Gold will have an
exclusive option to acquire a 100% undivided interest in and to the
Property, subject to a 2% net smelter royalty.
About the Property
The Columbia Queen Property is a 4,753 Ha polymetallic
exploration project located approximately 30 kilometers north of
the city of Revelstoke, within the Big Bend region, which is among
the top ten percent in the province for metallic and industrial
mineral deposit potential. The region is well serviced by grid
electric power and mainline/logging roads provide access to much of
the property. Close proximity to the world-class Trail Pb/Zn
smelter and deep sea ports in Vancouver via rail from Revelstoke
benefit the project.
The Property itself is adjacent to Huakan International Mining
Inc.'s ("Huakan") flagship J & L property, which is one of the
largest undeveloped precious, and polymetallic deposits in British
Columbia. Huakan announced March 17th, 2014 its intent to go
private in a transaction with its principal shareholders via an all
cash offer at $0.50 per share. This transaction represented a 294%
premium to the 20-day volume weighted average price of Huakan
shares. The project is currently gearing up for a pre-feasibility
study after the successful completion of its PEA and metallurgical
testing. The Columbia Queen is also adjacent to the historic
producing Mastodon mine which is currently owned by Teck Resources
Ltd. This mine has had sporadic lead, zinc silver production over
the last 100 years.
The Columbia Queen Property is host to multiple exploration
targets. The historic Copper Queen Showing is located in the
south-western quadrant of the property and was drilled in 1966 with
results including a 98 foot section grading between 0.45 and 1.14%
Cu (non 43-101 compliant). Kerr-Addison followed up this drilling
with an extensive soil sampling program in 1976 and defined a
northwest -southeast trending coincident copper lead and zinc
anomaly with a 600m length over the Copper Queen showing. This
anomalous trend remains open in both directions. A VTEM/Aeromag
survey was conducted in 2010 over the property, which defined a
number of conductive and magnetic anomalies, and corresponds with
coincident surface geochemical anomalies. Recommendations from the
interpretation of this survey include drill testing of a number of
these targets. Of particular interest is a recent discovery of
high-grade massive sulphide float on a new logging road cut. Of
three samples taken all were mineralized with results including
>10% lead, >10% zinc and up to 6g/t gold and 33g/t silver.
These sample locations were coincident with a moderate EM anomaly
and are one of the high priority targets of this summer's upcoming
work program.
Click Image To View Full Size
As consideration for the Assignment Agreement, Jet Gold will
issue to Donnybrook the following:
-
a)$10,000 cash payment on signing of the assignment
agreement.
-
b)2,000,000 common shares within ten days of TSX Venture
Exchange (the "Exchange") approval of the Assignment Agreement;
and
-
c)1,000,000 common shares on the one year anniversary of
Exchange approval of the Assignment Agreement.
The Assignment Agreement will remain subject to Exchange
approval and receipt of an updated NI 43-101 Technical Report on
the Property, which is currently being prepared.
The Company also announces that it intends to undertake a
non-brokered private placement to raise up to $750,000 through the
issuance of up to 3,750,000 flow through units (the "FT Units") and
up to $750,000 through the issuance of up to 5,000,000
non-flow-through units (the "NFT Units"), for total gross proceeds
of up to $1,500,000. The FT Units are priced at $0.20 per FT Unit
and will consist of one common share and one half of one share
purchase warrant with an exercise price of $0.30, for a three year
period. The NFT Units are priced at $0.15 and will consist of one
common share and one half of one share purchase warrant with an
exercise price of $0.25 for a three year period.
All securities issued in connection with the private placement
will be subject to a four month "hold period" under applicable
securities legislation and the policies of the TSX Venture
Exchange.
Jet Gold will use the proceeds of this offering for general
corporate purposes.
The offering remains subject to the approval of the TSX Venture
Exchange.
In addition to the agreement and financing contemplated above,
Jet Gold is pleased to announce the addition of Mr. Mike Lerner to
the Board of Directors, effective immediately.
Mr. Lerner has been working in capital markets and institution
equity for the last 17 years. As an institutional equity trader, he
covered the largest US mutual funds and hedge fund client investing
in Canadian equities, dealing with multi-million dollar
transactions daily, while plying his trade at two of Canada's
bank-owned dealers. Mr. Lerner also ran a risk arbitrage hedge book
for a Canadian bank where he traded some of the largest
transactions in Canadian mining history, including multiple offers
on Falconbridge, Dofasco and Inco. In 2008, he began working for an
independent dealer where he has led and participated in over 50
million dollars of financing for micro-cap mining companies. He
continues to be involved in mining and exploration and in 2012
became a director of TSX Venture listed Happy Creek Minerals. Mr.
Lerner holds a Bachelor of Arts Degree in Honours Political Science
from the University of Regina.
More information is available by contacting Tim Fernback at
604.340.3774.
ON BEHALF OF JET GOLD CORP.
Tim Fernback
Director and CEO
Neither the TSX Venture Exchange nor its Regulatory Services
Provider (as that term is defined in the policiesof the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This release may contain forward-looking statements. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
SOURCE: Jet Gold Corp
Jet Gold Corp. (TSXV:JAU)
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