Leopard Lake Gold Corp. Announces Acquisition of St-Robert Property
December 15, 2021 at 10:25 pm IST
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Leopard Lake Gold Corp. announced that it has entered into a property acquisition agreement with an arm's length vendor for the acquisition of 4 mining claims located in Beauceville and 102 mining claims located in the Riseborough and Marlow Townships in St-Robert-Bellarmin. Pursuant to the terms and conditions set forth in the Acquisition Agreement, the Vendor will also transfer to the Company the sole, exclusive and irrevocable right and option to acquire an earn interest in 17 additional mining claims located on the St-Robert Property. The block of 102 claims located at St-Robert Bellarmin, is approximately 8 km to the NW of the USA border. The St-Robert Property is located in the Frontenac sedimentary formation, which is made up of metasedimentary rocks such as schists, grey quartzites, dark grey slates and limy metagreywackes, with some graphitic layers. The mineralization of the St-Robert Metals deposit is of the polymetallic type, with many occurrences of Ag, Au, W, Bi, Pb and Zn. These occurrences are in the form of decametric quartz veins mineralized in galena, pyrite, scheelite, cosalite, sphalerite and molybdenite. The St-Robert Property was acquired for its gold and high technology (tungsten, bismuth) minerals potential. It contains two adits used for exploration and mining in the fifties. In 1958, St-Robert Metals, the owner of the property at this time, erected a 108 tons/day mill. During that same year it milled 1000 tons of ore and shipped 5.4 tons of concentrate in Germany, which gave a metal content of 60% Pb, 350-400 oz/t Ag, 0.1 to 0.5 oz Au/t and 4-5% Bi. Gold potential is exemplified by Hole R2 drilled by St-Robert Metals in 1952, which returned 11.8 oz/t Au, 6.58 oz/t Ag and 1.94% WO3 over 0.27 m in a quartz vein enclosed in sedimentary rocks. The 4 claims located 4 km to the SW of the town of Beauceville contain a gold showing where drill hole BE-12-03 drilled by Fancamp Exploration Ltd., in 2012, returned 2.3 ppm Au over 0.2 m, in favorable geology. Pursuant to the Acquisition Agreement, the Company will be required to issue an aggregate of $1,900,000 worth of common shares in the capital of the Company and pay an aggregate of $100,000 in cash to the Vendor. The consideration payable to the Vendor by the Company will be made in six (6) separate installment payments, the last payment occurring no later than on March 31, 2024. The per-share price of the Consideration Shares will be established in accordance with the 10-day volume weighted average price of the company's listed shares prior to each installment payment date and in accordance with applicable regulatory requirements. The closing of the Acquisition will be subject to customary conditions precedent, including receipt of all necessary regulatory and government approvals and the delivery of all closing documents. The Consideration Shares will be subject to a four-month and one day hold period in Canada. Upon commencement of commercial production by the Company, the mining claims acquired pursuant to the Acquisition Agreement will be subject to a 2% net smelter return royalty. The company has the option to acquire the first 1% of the NSR Royalty from the Vendor in exchange for $1,200,000 payable in cash, and the option to acquire the remaining 1% of the NSR Royalty in exchange for $2,400,000 payable in cash.
Leopard Lake Gold Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. The Companyâs properties include St. Robert property, which is made up of about 220 claims, totaling 11,000 hectares (ha) and is located in the Riseborough and Marlow Townships in St-Robert-Bellarmin, near Quebec City, Montreal and is approximately eight kilometers (km) to the north-west of the United Stated border and the Stella property located in the Abitibi region of Northwestern Quebec, made up of about 52 contiguous mining claims for a total of 2,987 ha, approximately 65 km east of the town of Val d-Or. Its Leduc Gold Project Property consists of about nine unpatented mining claims (114 cells), which covers an area of approximately 2,290 ha near Jellicoe, Ontario, Canada, within the Thunder Bay Mining Division. The Leduc Gold Project Property is located approximately three km south of Jellicoe, Ontario, within the Thunder Bay Mining Division.