Gaia Metals Accelerates the Freeman Creek Property Option Agreement
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VANCOUVER, BC / ACCESSWIRE / March 4, 2021 / Gaia Metals Corp. (the "Company") (TSXV:GMC)(OTCQB:RGDCF)(FSE:R9G) is pleased to announce the acceleration of the option agreement (the "Agreement"), as announced July 27, 2020, whereas the Company was granted the right to acquire a 100% interest in the Freeman Creek Property, located approximately 15 km northeast of Salmon, Idaho (the "Property), and is directly accessible by road.
President & Director Blair Way commented: "We are pleased to be able to move ahead at an accelerated pace on this Agreement and secure our 100% ownership of the Property, including the transfer of the titles to our newly formed US subsidiary."
The Company is fully permitted to carrying out a follow-up phase of drilling at Gold Dyke Prospect in 2021, pursuant to its declared Notice of Intent on file with the Bureau of Land Management (BLM). Permitting for an inaugural drill program at Carmen Creek Prospect is progressing and is expected to be completed by late spring.
Under the terms of the acceleration to the Agreement, the Company shall issue the first anniversary issuance of 2,000,000 common shares and 1,000,000 warrants (originally due by August 12, 2021) upon signing. The first anniversary payment of CAD$40,000 shall be evidenced by a promissory note, due payable in full by August 12, 2021. Upon these conditions being met, the Company has fulfilled its obligations pursuant to the agreement and will have exercised the option in full. The titles will be transferred to a newly-established US subsidiary of the Company.
In addition, the shares and warrants issued shall bear a voluntary ten (10) month hold period.
About Gaia Metals Corp.
Gaia Metals Corp. is a mineral exploration company focused on the acquisition and development of mineral projects containing base and precious metals, including platinum group elements, and lithium. The Company has two flagship assets; the Freeman Creek Property, located in Idaho, USA, and the Corvette-FCI Property, located in the James Bay Region of Quebec, Canada.
The Freeman Creek Property hosts two major advanced targets; the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.
The Corvette-FCI Property includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc. The claim blocks are contiguous and host significant gold-silver-copper-PGE-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
In addition, the Company holds the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
For further information, please contact Adrian Lamoureux, CEO & Director, at:
On Behalf of the Board of Directors,
Adrian Lamoureux, CEO & Director
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 news release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: Gaia Metals Corp.
View source version on accesswire.com:
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