Vancouver BC – TheNewswie - February 11th, 2021 - MAS Gold Corp. (“MAS” ) – ( TSXV:MAS) announces it has executed a formal agreement with Eagle Plains Resources Ltd. (“Eagle Plains”) whereby MAS Gold has purchased a 100% undivided interest in three claims totaling 1,462.6 hectares (ha) located adjacent to MAS Gold’s Greywacke Lake property area.
The new claims bridge a 4.1 kilometre gap in Greywacke Lake Property, completing MAS Gold’s control along roughly 33 kilometres of the favourable geologic contact within the Kisseynew Domain that hosts the Greywacke North deposit where MAS has currently two drills operating. The new claims bring the total Greywacke Lake claim holding to 16.078.1 ha (39,730 acres).
Pursuant to the terms of the agreement and subject to regulatory approval, MAS Gold will acquire a 100% interest in the new mineral dispositions by issuing to Eagle Plains a total of 300,000 MAS Gold common shares and making a cash payment of $1,500. Eagle Plains shall be entitled to a royalty of 2% of net smelter returns with a buyback to 1% upon payment of $CDN 1,000,000. This agreement is subject to TSX Venture Exchange approval.