Kootenay Zinc options Angus property in B.C. Kootenay Zinc options Angus property in B.C.
Kootenay Zinc Corp (2) (C:ZNK)
Shares Issued 4,864,329
Last Close 9/12/2019 $0.085
Friday September 13 2019 - News Release
Ms. Tara Haddad reports
KOOTENAY ZINC ENTERS INTO OPTION AGREEMENT FOR ANGUS PROPERTY
Kootenay Zinc Corp. has entered into an option agreement dated Sept. 12, 2019, with Longford Capital Corp. to acquire a 100-per-cent interest in and to certain mineral properties, together with the surface rights, mineral rights, personal property and permits associated therewith, located in the Angus property.
About the Angus Property
The Angus property is a gold and copper prospect with an area of 1019 hectares in the Victoria Mining Division of Vancouver Island. The property has access by logging roads to the north of the Lake Cowichan community owned by Island Timberland and Timberland West.
Highlights of the project:
The property hosts four historic minfiles and have returned multiple multigram gold per tonne assay results. Historic results include:
- From a gossanous diorite grab sample:
- 13.0 grams per tonne gold;
- 14.7 grams per tonne silver;
- 0.3376 percent copper.
- From vein material:
- 13.03 grams per tonne gold;
- 29.4 grams per tonne Silver;
- 0.55 percent lead;
- 0.238 percent zinc.
The area has a potential for hosting a copper gold porphyry with a historic grab sample of chlorite schist feldspar porphyry, near a shear zone running 0.325 grams per tonne gold and 0.472 percent copper and a second sample running 1.4 grams per tonne gold, 17.6 grams per tonne silver, and 1.58 percent copper.
Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
Agreement terms:
- Kootenay is granted the sole and exclusive right and option to acquire 100% interest in the Angus Property by issuing 3,000,000 shares to the Optionors:
- 2,500,000 shares to be issued upon signing of the agreement;
- 500,000 shares to be issued at the first anniversary from the effective date of the agreement.
- Kootenay is to complete $125,000 in exploration expenditures within 24 months of the effective date of the agreement:
- Kootenay grants and agrees to pay to the Royalty Holder a royalty equal to 2.0% of the Net Smelter Returns in respect of the Angus Claims. The Company has the option to buy back 1% of the NSR for consideration of $1,500,000.
The Company would also like to announce that it has appointed Tara Haddad as interim CEO of the company and Von Torres as a director of the board, following the resignation of Rob Tindall as CEO and director of the company.
The scientific and technical information contained in this news release has been reviewed and approved by Luke van der Meer, P.Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
We seek Safe Harbor.
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