WestKam Gold Signs Definitive Agreement to Acquire the McConnell Property in British Columbia
July 24 2023 - 12:09PM
WestKam Gold Corp.
(TSX-V:WKG)(the “Company” or
“WestKam”) is pleased to announce that it has signed a
definitive agreement with an arm’s length party, GGL Resources
Corp., to purchase 5 mineral claims commonly referred to as the
McConnell property, located in northwestern British Columbia. The
Company will acquire a 100% interest in the McConnell property by
issuing to the vendor such number of common shares as will result
in the vendor holding a 19.99% interest in the Company as of the
closing date after giving effect to the issuance of these shares.
When issued, the shares will be subject to a statutory 4 month and
a day hold period from the closing date under applicable securities
laws. The vendor will also retain a 2% net smelter return royalty
on the McConnell property. Closing will occur upon all conditions
precedent being met, including, amongst other things, receipt of
TSX Venture Exchange approval.
The McConnell property comprises 8,700 hectares
in the Golden Horseshoe region of British Columbia. The
road-accessible property is located 22 km southeast of the
past-producing Kemess Copper-Gold Mine in close proximity to a
hydro grid. The property has active exploration and drill permits,
and has had over $4 million in prior exploration work. Potential
copper/gold porphyry style systems have been identified along with
shear hosted, gold mineralization. Satellite remote sensing
structural interpretation and data synthesis has confirmed the gold
and copper zones as high priority targets for further exploration.
An additional 5 high priority and 11 secondary priority areas have
been identified using the same criteria. Future areas of
investigation are spread along the entire property and are
coincident with the major geological faults.
WestKam CEO, Peter Laipnieks, comments, “The
completion of this acquisition will provide WestKam with a major
exploration project that checks all the boxes: critical metal and
gold targets, road accessible, near other mines in a world class
exploration district and acquired for what we believe is a fair
cost.”
Lorne Warner is a qualified person as defined by
National Instrument 43-101 and has reviewed and approved the
scientific and technical disclosure in this news release.
About WestKam
WestKam Gold Corp. is a Canadian-listed junior
gold exploration company focused on exploring and developing
projects in Western Canada.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Peter Laipnieks”Peter Laipnieks, President
& CEO
Contacts:
WestKam Gold Corp. |
Contact: Investor
Relations |
Suite 900, 570 Granville Street |
250.216.5674 |
Vancouver, BC V6C 3P1 |
|
Neither 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
All statements included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These forward-looking statements
involve numerous assumptions made by the Company based on its
experience, perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. In addition, these statements
involve substantial known and unknown risks and uncertainties that
contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will prove
inaccurate, certain of which are beyond the Company’s control.
Readers should not place undue reliance on forward-looking
statements. Except as required by law, the Company does not intend
to revise or update these forward-looking statements after the date
hereof or revise them to reflect the occurrence of future
unanticipated events.
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