Vancouver, Canada, July 21, 2023 – Burin Gold Corp. (“Burin” or the “Company”) (TSX-V: BURG) is pleased to announce that it has received the conditional approval of the TSX Venture Exchange for its agreement (the “Agreement”) with Globex Mining Enterprises Inc. (“Globex”) (TSX: GMX) to acquire a 100% interest in the Dalhousie Project (the “Property”), comprised of 31 claims located 53 km to the east of Matagami and 4km South of Ramsay Bay at Lac au Goéland, Quebec.
The Dalhousie Project is an ortho-magmatic Ni-Cu-Co prospect located within the mafic-ultramafic package of the Bell River Complex. It is located on the north central margin of the Abitibi Orogenic Belt in proximity to the Matagami Mining Camp in Quebec, Canada.
Limited historical drilling, up until the late 1980’s, focused on poorly constrained geophysical anomalies, yet successfully intercepted mineralization near conductive features. A property-wide geophysical (TDEM) survey, completed in 2007, identified multiple conductive features coincident with surface mineralization and these targets remain untested. Historical chip channel samples collected above the untested EM conductors graded up to 3.79% Cu, 0.90% Ni and 0.28% Co.
Fieldwork will commence this summer, including reprocessing of the TDEM data, aiming to better delineate and model existing conductive features. This work should quickly fast-track the project, so that the Company can drill-test the priority conductors later this year, in conjunction with downhole electromagnetic surveying (DHEM) to identify any possible off-hole conductors.
Under the terms of the agreement, Burin shall pay $1,500,000 and issue 4,000,000 common shares in the capital of the Company (“Shares”) to Globex and undertake $5,000,000 in exploration over a four-year period to earn 100 % interest in the property. The terms are as follows.
Cash
Shares
Exploration Expenditures
On Signing
$100,000
1,000,000
-
First Anniversary
$100,000
-
$1,000,000 (within first 12-month period)
Second Anniversary
$300,000
1,000,000
$1,000,000 (within second 12-month period)
Third Anniversary
$500,000
1,000,000
$1,500,000 (within third 12-month period)
Fourth Anniversary
$500,000
1,000,000
$1,500,000 (within fourth 12-month period)
All Shares issued and issuable pursuant to the Agreement shall be subject to a hold period of four months and one day from the date of issuance. Completion of the acquisition of the Property is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Globex shall retain a 3% gross metal royalty on all payable metals subject to a 1% buyback for $1,000,000, payable anytime.
Qualified Person
Szabolcs Orban, MSc, EFG, EurGeol (#1883) of Goldron Geoconsulting Ltd, is an independent contractor for Burin and a Qualified Person, as defined by NI 43-101. He has reviewed and approved the scientific and technical content of this news release.
About Burin Gold Corp.
Burin Gold is a public company on the TSX Venture Exchange (TSX-V: BURG) focussing on the exploration for critical metals (Nickel, Copper and Cobalt) in the province of Quebec. The Company has signed an option agreement with Globex Mining Enterprises Inc. on the Dalhousie Project, which hosts magmatic Ni-Cu-Co sulphide mineralization, coincident with conductive features and remains largely untested. The Company also holds a series of key gold prospects on the Burin Peninsula, Newfoundland, where it has completed 6,840 m of diamond drilling on the Hickey’s Pond target.
For further information contact:
Tom Panoulias
Interim CEO
see & read more on
https://burin-gold.com/news-releases/burin-gold-provides-update-on-dalhousie-project-acquisition/ |
