04, 2021 covering the Lake Douglas and South Tally properties, located in the Central Newfoundland Gold Belt, Canada.
In addition to the project’s gold potential, both Buchans and C2C are encouraged by the property’s potential to host new base metal discoveries, as the property covers a 20 km extension to the Tally Pond volcanic belt that hosts Teck Resources’ former Duck Pond mine, located less than 4 km on strike of the South Tally property.
C2C will work in cooperation with Buchans to compile and interpret the historical data for the properties.
In order to exercise the Second Option, the Company must incur or fund additional expenditures in the minimum amount of $1,000,000 on the Properties on or prior to the date that is five years from the date of the JV Agreement.
Buchans Resources currently holds interests in zinc, lead, silver properties located in Newfoundland; gold properties in Newfoundland and in Labrador; nickel, copper, cobalt properties in Labrador, and indirectly through its shareholding in Xtierra Inc.
The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of more than 1,170 km² with road access and proximity to communities and power lines.
Management cautions that past results or discoveries on properties in proximity to Lake Douglas and South Tally may not necessarily be indicative of mineralization on the properties.
This news release may include forward-looking statements that are subject to risks and uncertainties and can be identified by the use of forward-looking terminology such as “expected”, “will be”, “anticipated”, “may” or variations of such words and phrases or statements that certain actions, events or results “will” occur.