RJK Explorations Increases Its Land Position in Lorrain Township, South of Cobalt, Ontario
Kirkland Lake, Ontario--(Newsfile Corp. - November 14, 2019) - RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ("RJK" or "the Company") RJK has secured an option with Jon Camilleri to own a 100% interest in his land holdings consisting of approximately 1,300 hectares in Lorraine township. The terms of the option are as follows:
Year one RJK will pay Camilleri $5,000 and issue 50,000 shares. RJK will conduct exploration on the property to keep it in good standing until March of 2021.
Year two RJK will pay Camilleri $10,000 and issue 100,000 shares of stock and keep the claims in good standing until March of 2022.
In year three RJK will pay Camilleri $20,000 and issue 200,000 shares of stock and at that point RJK will own the claims subject to a 2% GORR on diamonds and a 2% NSR on base or precious metals. Both royalties can be bought down for $500,000 per 0.05% up to 2%.
The Camilleri Property is located between the Paradis block and the Kon Kimberlite claims that RJK will focus its attention on in 2020. The Cross Lake Fault runs along the eastern boundary of the Camilleri claims. RJK will do a sampling program starting in the spring of 2020 to determine if the geophysical targets that are known to exist on the claims could be potential kimberlites.
Glenn Kasner, President
Mobile: (705) 568-7567
Tel: (705) 568-7445
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49755