Evergold Secures Opportunity for Total Ownership of Copper King Property
Evergold Corp. Develops New Mining Opportunities
Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) has exciting news regarding its exploration ventures. The company has signed a definitive option agreement, allowing it to potentially acquire a 100% interest in four promising inlier claim groups, totaling 173 hectares. This acquisition falls under the Copper King property, situated in the northern section of their Golden Lion project.
Details of the Acquisition Agreement
This agreement is a significant milestone for Evergold. Under the terms, Evergold must first complete a consolidation of its common shares, converting ten of its pre-consolidation shares into one post-consolidation share. Following this, the transaction requires the payment of 533,332 shares distributed over two years.
Upon the exercise of this option, Evergold will grant the current owners a net smelter returns royalty of 2.5%, with the ability to buy back 1.5% for $1.5 million. The issuance of the shares is strategic, with specific amounts set to be issued after the effective consolidation dates, leading up to 2027.
Potential of the Copper King Property
The Copper King property contains four distinct prospects named Goat, Chuck, Copper King, and Claw. Historical drilling efforts back in 1975 at Claw revealed various references to notable copper mineralization, including the presence of native copper and other valuable minerals like bornite and chalcopyrite. While these early efforts didn’t yield assays, they did indicate a rich potential for further exploration.
In 1984, subsequent rock sampling returned significant values of copper and silver, indicating promising veins filled with mineralization in the area. However, the lack of exploration activities since that time could suggest an opportunity for enhanced operations, especially given the current upward trend in mineral prices.
Expert Oversight and Company Background
The technical aspects of this announcement come backed by the expert insight of Charles J. Greig, M.Sc., P.Geo., the Chief Exploration Officer of Evergold. His acknowledgment of the technical information ensures that the company’s strategies are aligned with best practices in the mineral exploration industry.
About Evergold Corp.
Evergold Corp. is a reputable mineral exploration company listed on TSX-V, focusing on projects located in British Columbia and Nevada. With a commendable history, the Evergold team has previously established GT Gold Corp., which resulted in the discovery of significant copper-gold deposits leading to fruitful transactions.
The company exemplifies a successful track record, showcasing the potential for investors and stakeholders in the mineral exploration sector. The successful sale of the Saddle deposits reflects a solid return on prior exploration investments, signaling strong management and strategic vision.
Contact Information
For more information, stakeholders can reach out to Kevin M. Keough, the President and CEO of Evergold Corp. He can be contacted directly by phone at (613) 622-1916 or via email for inquiries.
Frequently Asked Questions
What is the Copper King property?
The Copper King property consists of four inlier claim groups, known for historical mineral discoveries, specifically targeting copper and silver resources.
What is the significance of the recent acquisition?
This acquisition represents a strategic move for Evergold, positioning them to fully own valuable mining prospects, enhancing their exploratory capabilities.
Who is overseeing the exploration projects?
Charles J. Greig, the Chief Exploration Officer, is responsible for ensuring that all technical information aligns with industry standards and practices.
What potential does the Copper King property hold?
Given its historical mineralization reports, the Copper King property holds substantial potential for valuable mineral discoveries, which could positively impact Evergold's growth.
How can stakeholders learn more about Evergold?
Stakeholders can contact Kevin M. Keough, President and CEO, for further inquiries or to understand more about the company’s operations and future plans.
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