Meridius Resources Limited Announces Option Agreement to Acquire 100% Ownership in 120 Mineral Claims of the King Tut Property in Quebec
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2020) - Meridius Resources Limited (TSXV: MRI) ("Meridius" or the "Company") is pleased to announce that it reached an agreement to option (the "Option Agreement") the King Tut Property (King Tut" or the "Property"), located in the Ligneris and Celoron townships in the Province of Quebec. Under the Option Agreement, Meridius has the right to acquire 100% ownership in 120 mineral claims that and cover 5,206 hectares for an aggregate of $600,000 in cash.
King Tut was initially discovered in 1945 and worked by Dome Mines, which conducted a 307-metre1 diamond drill program that included positive gold grades. The results encouraged Continental Diamond Drilling to conduct a 2896 metre (9500 feet) of diamond drill program the following year. The Property had additional work during the years 1985-90 by Falconbridge & Lac Minerals and had several gold intercepts. A field visit conducted on July,10 2020 confirmed the historical drill hole sites and blasted trenches. Strong iron carbonate alteration and deformation was evident.
King Tut is located in Abitibi Gold Belt, a region of Canada that extends from Wawa, Ontario to Val-d'Or, Quebec (see Map 1). It is an established gold mining district having produced over 100 mines, and 170 million ounces of gold since 1901.2 The property is located North of the Chicobi North Fault zone, a regional structure controlling gold mineralization through extensive shearing and hydrothermal alteration systems. About 65 kilometres westward, the Perron high grade gold deposit is currently being drilled by Amex Exploration (TSXV: AMX) in a similar context (amexexploration.com)
Map 1: Location of King Tut Property and other Abitibi Belt projects
To view an enhanced version of this graphic, please visit:
The Company also advises it is changing its name from Meridius Resources to BMEX Gold Inc, which better reflects the Company's focus in the gold sector.
Amrik Virk, Director, commented, "We are very excited about the prospects of King Tut opportunity. While the Company is acquiring 100% of King Tut, I would like to highlight that King Tut's geological team will remain in place and work closely with Meridius."
Martin Demers, P.Geo. (Ordre Des Geologues #770) a consulting geologist to the Company is the independent qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.
About Meridius Resources
Meridius, which is in the process of changing its name to BMEX Gold Inc., is a mineral exploration company that is engaged in the business of the acquisition, exploration, and development of mineral resource properties. Meridius' common shares trade under the symbol "MRI" on the TSX-V.
On behalf of the Board of Directors
Contact Information - For more information, please contact: Amrik VIrk
Tel: (604) 765-9640
Fax: (604) 423-4498
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
1 The 1945 program was for 1007 feet which is converted at 3.28084 feet / metre
2 Abitibi Gold Belt: https://en.wikipedia.org/wiki/Abitibi_gold_belt
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