The claims comprising the Lower Manitou acquisition host 4 historic gold occurrences including numerous shafts and workings dating back to the late 1800s.
The Reliance Prospect and nearby mineralized shears notably strike parallel to the >5 km long Queen Alexandria – Bird Island trend , as discussed in Cross River’s news release dated Feb.
The addition of the Lower Manitou claims will allow Cross River to systematically explore these prospective shear zones over an 8km long strike-length to identify targets with the highest chance of significant endowment.
The Company can exercise the Option by completing a series of cash payments and share issuances to the Vendors over a two year period, of which $26,000 and 200,000 common shares are due and owing upon execution of the Option Agreement, with a further $26,000 and 200,000 common shares owing on the one year anniversary of the Option Agreement and a final payment of $26,000 owing on the two year anniversary of the Option Agreement.
The Company is at arms-length from each of the Vendors, and all securities issued in connection with the Option Agreement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Historical assay results contained in this press release were not verified by the Company, however, the historical reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets were commonly inserted in the reports.
The Company also owns an option to acquire a 100% undivided interest in the Tahsis Property, an early-stage gold exploration property located on Vancouver Island, in the Nanaimo Mining Division, British Columbia.
Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Canadian Securities Exchange and applicable Canadian securities regulations.