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King Global signs option for 65% of Silver Cord
2024-05-13 16:14 ET - News Release
Mr. Robert Dzisiak reports
KING SIGNS DEFINITIVE OPTION AGREEMENT ON SILVER CORD PROPERTY IN ARIZONA
King Global Ventures Inc. has signed a definitive option agreement to acquire up to 65 per cent of the Silver Cord project in Yavapai county, Arizona, with the project vendor Silver Cord LLC. (SCL), a private arm's-length party. The Silver Cord project comprises 41 concessions covering a total area of 790 acres and situated 64 miles north of Phoenix, Ariz. The Silver Cord VMS (volcanogenic massive sulphide) project represents an early-stage exploration opportunity targeting copper-gold-silver-zinc volcanogenic massive sulphide (VMS) mineralization. The geology of Yavapai county, Arizona, is notable due to the presence of a variety of base metal and precious metal deposit types. The region has a significant history of exploration, discovery and mining operations, including base metals from mining operations such as Bagdad, Jerome and Cleopatra. The property is on trend and 12 miles northwest of Arizona Metals and 60 miles south of the historic Jerome copper mine. The company has commissioned an independent National Instrument 43-101 report on the Silver Cord project.
The terms of the definitive agreement are that King has the option to incur an aggregate of $4-million in expenditures on the property to attain 65-per-cent ownership. The option expenditures are as follows:
- $500,000 within 12 months following the effective date, which is defined as exchange conditional approval;
- An additional $1.5-million within 18 months of the effective date to earn 30 per cent;
- An additional $2-million within 30 months of the effective date to earn an additional 35 per cent for a total of 65 per cent.
The vendor will retain a 2-per-cent NSR (net smelter return) royalty payable for all metals mined. Upon completion of the aforementioned expenditures, a cash payment of $500,000 will be provided to SCL.
The acquisition of the Silver Cord property is deemed to be a fundamental transaction under the policies of the TSX Venture Exchange as the company intends to spend in excess of 50 per cent of its time and capital on the Silver Cord project.
To finance the Silver Cord project, the company intends to, subject to regulatory approval, complete a financing of units at 25 cents per unit for a minimum of $1-million. Each unit comprises one common share and one warrant. Each warrant is exercisable at 35 cents in the first six months and 45 cents thereafter for next 18 months. Finders' fees may be payable in accordance with policies of the exchange. Proceeds of the financing are to be utilized to finance exploration expenditures on the Silver Cord project, reserve for acquisitions and general working capital.
The acquisition and financing are subject to regulatory approval.
About King Global Ventures Inc.
King Global Ventures is focused on the exploration for precious metals in North America. Its Canadian project comprises the York property, which comprises 77 claims exceeding 40 square kilometres. The property is on trend between Azimut Exploration Inc.'s Elmer property and the Eleonor gold mine. The recently optioned Silver Cord project in Yavapai county, Arizona, comprises 41 concessions with approximate size of 790 acres and situated 64 miles north of Phoenix, Ariz., and is focused on a potential VMS mineralization type early-stage exploration opportunity targeting copper/gold/silver/zinc.
York property in Quebec
The York property comprises 77 claims exceeding 40 square kilometres. The property is on trend between Azimut's Elmer property and the Eleonor gold mine. The Eleonor mine is hosted by rocks similar to the clastic sediments known to host the Ukaw gold showings.
The technical contents of this news release were approved by Andrew Lee Smith, BSc, PGeo, ICDD, a qualified person as defined by National Instrument 43-101.
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