Area News - a new entry in da Dunnage Zone
King seeks TSX-V OK for three Newfoundland properties
2020-12-10 21:13 ET - News Release
Mr. John Cook reports
KING ACQUIRES TRIO OF GOLD PROJECTS IN NEWFOUNDLAND
King Global Ventures Inc. is actively seeking exchange approval of its transaction to acquire three strategic gold exploration properties with high-grade indications, in the province of Newfoundland and Labrador, as previously reported on Oct. 21, 2020.
They are the Gold Boulder property, the Golden Nugget property and the Miss Pickle property.
The Gold Boulder prospect consists of four contiguous claim blocks (100 hectares) and is located near the small town of Glenwood in central Newfoundland. Geologically, the property is underlain by siliciclastic sediments of the Davidsville group, which is the same geological belt which hosts New Found Gold Corp.'s recent high-grade gold intercept of 92.84 grams per tonne over 19 metres at the Queensway project. The entire prospect is bound on all sides by New Found Gold.
Located only nine kilometres away from this historical intercept, the property is also host to high-grade gold values, up to 160 grams per tonne gold from as-yet-unsourced gold boulders. Additionally, it has widespread untrenched gold and arsenic soil anomalies with gold values in soil of up to 1,781 parts per billion.
John Cook stated: "Given its proximity to the Queensway project and its very similar geology, the property has the potential to host similar gold occurrences. The high-grade nature of the gold boulders and the significant soil anomalies of this prospect gives King Global Ventures Inc. a serious foothold in this new emerging gold district."
To complement this acquisition, King Global also acquired two additional gold exploration properties adjacent to the Davidsville group.
The Golden Nugget property is a gold exploration property that lies just to the north of the Davidsville group. Golden Nugget derives its name from gold nuggets discovered by the vendors in beach sand sediments while prospecting the property.
The property consists of a 10-kilometre-long contiguous land package (1,850 hectares) also of siliciclastic sediments within beds of conglomerates and mafic materials. High-grade gold occurs in all rock groups with channel samples, having returned values of 50.2 g/t gold over 1.10 m, 87 g/t over 0.8 m and 29.2 g/t over 2.5 m. These high-grade channels are contained within extensive areas of lower- to medium-grade gold values along the entire length of this 10-kilometre structural corridor, and the potential of this property is quickly realized.
The Miss Pickle property (950 hectares) is also north of the Davidsville group and lies in another parallel structure to the Golden Nugget property known as the Coaker trend. Geologically, it is somewhat unique in that gold mineralization is somewhat restricted, but not exclusively, to quartz feldspar porphyry intrusives. Grab samples to the west of the property in very similar, if not identical, intrusive bodies have returned values of up to 360 g/t gold. On the property itself, grab samples in these intrusive range from 0.2 to 18 g/t gold.
Acquisition terms subject to exchange acceptance
Gold Boulder: cash of $15,000, two million units of King and a $25,000 initial-year exploration commitment. Each unit is composed of one common share and one 12-month warrant exercisable at 10 cents. The vendors retain a 2-per-cent net smelter royalty, of which 1 per cent can be acquired for $1-million. Advance royalties of $15,000 commence on the third anniversary of the signing of the agreement.
Golden Nugget: cash of $35,000 on signing plus two million units of King; $100,000 initial-year exploration commitment and $50,000 in years two through five. Each unit is composed of one common share and one 12-month warrant exercisable at 10 cents. For years one to three, aggregate cash payments will be $215,000 and nine million shares. The vendors retain a 2-per-cent NSR, of which 1 per cent can be acquired for $1-million. Advance royalties of $25,000 commence on the fifth anniversary of the signing of the agreement.
Miss Pickle: cash of $50,000 on signing plus three million units of King; a $100,000 initial-year exploration commitment and $50,000 in years two through five. Each unit is composed of one common share and one 18-month warrant exercisable at 10 cents. For years one to three, aggregate cash payments will be $200,000 and eight million shares. The vendors retain a 2-per-cent NSR, of which 1 per cent can be acquired for $1-million. Advance royalties of $25,000 commence on the fifth anniversary of the signing of the agreement.
For all properties, the vendors will have the first option to do all work on the property. If the property is returned to the vendors, it is to be in good standing for 12 months respecting government assessment requirements, and all staking fees will be reimbursed to the vendors.
About King Global Ventures Inc.
King's Nicaragua gold/copper project is joint ventured with Toronto Stock Exchange-listed Calibre Mining Corp. with Century Mining Ltd., a private Nicaraguan company, to advance the development of the Santa Rita project. In addition, King holds the Marilyn 3 property in Newfoundland and Labrador and the 77-claim York gold property, which is on trend between Azimut's Elmer property (and the recent Patwon prospect discovery) and the Eleonor gold mine.
The technical contents of this news release were approved by John F. Cook, MIMMM, a qualified person as defined by National Instrument 43-101.