Go Metals Options Ashuanipi Gold Project
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2021) - Go Metals Corp. (CSE: GOCO) ("Go Metals" or the "Company") is pleased to report an agreement with Flow Metals Corp. on the Ashuanipi gold project in eastern Quebec near the Labrador border in the traditional territory of both the Innu Nation of Matimekush-Lac John and the Naskapi Nation of Kawawachikamach.
Go Metals will earn in on the project through funding exploration. The terms are as follows:
- $200,000 exploration dollars will earn 40%
- $200,000 exploration dollars will earn an additional 20%
- Flow Metals has the option to create a Joint Venture or Go Metals may spend an additional $400,000 to earn a final 20%
Scott Sheldon, President comments, "We are happy to partner with Flow Metals on the prospective Ashuanipi project. The company is keen to follow up on all Artificial Intelligence work Windfall Geotek has done creating over 50 high quality gold targets. This project will bolster our existing gold portfolio which includes a joint venture with K2 Gold on the Wels Gold project and the Monster IOCG copper gold project."
The transaction is a "related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 in accordance with sections 5.5(a) and 5.7(1a) as the fair market value is not more than 25% of Go Metals market capitalization.
The project contains numerous AI targets over banded iron formations. The targets were generated by Windfall Geotek after a 330,000 km AI mining study of eastern Quebec. The project is northeast of Schefferville in the Ashuanipi complex, on the edge of the Superior Province. The next phase will test targets using till and channel sampling methods starting in June.
The first ground program will be supported by helicopter and IOS Geoscientific while based out of Havre-Saint-Pierre. The HSP project is the definition of a potential low carbon Nickel project with the new Hydro- Quebec Romaine hydropower generating station close in proximity to the project site.
About Go Metals
Go Metals is a Canadian mining exploration company with a focus on prospective projects in the Yukon and Quebec.
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
For further information, please contact:
Scott Sheldon, President
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81677