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The terms of theDefinitive Agreementare as follows:
---------------------------------------------------------------------------------------------- |Date |Cash |Share |Expenditures| | | |Payment |Issuance | | | | | | | |-| | | | | | | | | | | |-| | | | | | | |--------------------------------------------------------------------------------------------| |On execution of the Definitive Agreement |$150,000|1,000,000|Nil | | |--------------------------------------------------------------------------------------------| |On or before first anniversary of the Definitive Agreement|Nil |Nil |$500,000 | | |--------------------------------------------------------------------------------------------| |On or before second |Nil |Nil |$750,000 | | |anniversary of the Definitive | | | | | |Agreement | | | | | |--------------------------------------------------------------------------------------------| |On or before third anniversary of the Definitive Agreement|Nil |Nil |$1,000,000 | | |--------------------------------------------------------------------------------------------| |On or before fourth |Nil |Nil |$1,250,000 | | |anniversary of the Definitive | | | | | |Agreement | | | | | ----------------------------------------------------------------------------------------------
Granby will retain a 2.5% royaltyon the Big Mike Property.
Any transaction with Granby is subject to any required regulatory and third-party approvals.
Big MikeOverview
The Big Mike mineral tenure in the
The Big Mike occurrence is located 9.5 kilometres south-southwest of
“The Big Mike property is mainly underlain by diorite of the Coast Plutonic Complex. Granitic rocks have intruded, and contain local remnants of, older volcanic and sedimentary rocks. Quartz veins locally containing sulphide minerals, gold, and silver occur within the granitic rocks, mainly along faults.
Gold and silver occurrences with economic potential exist at the Main Adit area within the Big Mike property. The gold- and silver-bearing quartz vein exposed in the Main Adit may extend 30 m eastward up the side of the ridge towards an open cut where a gold- and silver-bearing quartz vein and fault zone are exposed. Rock samples from the Main Adit and open cut contain variable gold values. The highest value obtained was 1.554oz/ton gold across 40 cm. Three adits and at least 11 trenches or open cuts have been excavated within the Big Mike property. The Main Adit was excavated to explore a gold- and silver-bearing quartz vein emplaced along a fault. The South Adit was excavated to explore a fault along which some silicification has occurred. The adit within East Grid area was likely excavated to explore a pyrite occurrence within diorite.
The results of the geochemical analyses of the 84 rocks from the Big Mike project area show that the rocks contain up to 53,000 parts per billion (ppb) gold, 69.1 parts per million (ppm) silver, 10,759 ppm copper, 9,125 ppm lead and 2,290 ppm zinc (Appendix D). The five rocks with the highest gold content by geochemical analysis were fire-assayed for gold and silver by
The
The 1,398.37 hectare Project is located roughly six kilometres from the town of
Qualified Person
Mr.
Stock Options
Goldeneyehas granted incentive stock options to consultants of the company to purchase up to 4 million common shares in the capital of the company pursuant to the company’s stock option plan. The options are exercisable on or before
Private Placement
Goldeneyeis pleased to announce that it intends to complete a non-brokered private placement of up to 30,000,000 units of the Company at a price of
In connection with the Private Placement, the Company may pay finders’ fees in cash or securities or a combination of both, as permitted by the policies of the
Closing of the Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period in accordance with applicable securities legislation. The Company intends to use the net proceeds of the Private Placement , for current liabilities and for general working capital purposes.
On behalf of the Board of Directors of
President and Chief Executive Officer
604-306-5285
jackbalyvr@gmail.com
Neither the
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the status of the Annual Filings and the Interim Filings, the anticipated completion of these filings, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statementsand information other than as required by applicable laws, rules and regulations.
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Copyright (c) 2021 TheNewswire - All rights reserved., source