PAKWASH NORTH PROPERTY
We optioned Pakwash North to BTU Metals in a cash and stock transaction whereby they can earn up to an 80% interest in the property. This deal is a win-win as we retain an equity stake in any future exploration success on the property and BTU has already identified priority target areas for potential Cu-Ag as well as Au mineralization and is preparing to drill those targets,” Michael Romanik president of GoldON.
GoldON optioned the original 1,640-hectare property in 2019 (formerly referred to as Bruce Lake - see news release of March 28, 2019) and increased the land package to 3,103 hectares later that year via staking.
Under the terms of the 2021 option agreement with BTU Metals (see news release of March 23, 2021), BTU can earn up to an 80% interest in the property for payments to GoldON of up to $75,000 in cash and the issuance of up to 1,400,000 common shares of BTU, and they must incur qualified exploration expenditures on the property of up to $1,000,000 within 36-months. BTU may elect to stay at certain fixed ownership percentages over the course of the option at which time BTU and GoldON will enter into a joint venture agreement.
The Property adjoins BTU Metals ("BTU") Dixie Halo property and their TNT Target (see map above), where their initial work discovered a potentially large VMS style Cu-Ag-Au alteration system (see BTU’s news releases from December 16, 2019 to present). The Property is also approximately 11 km southeast of the multiple high-grade gold discoveries Great Bear Resources has made to date on its Dixie property and shares its southern boundary with Great Bear’s Pakwash property. Ontario provincial Highway 105 bisects the Property providing year-round access to and from the regional infrastructure with the town of Red Lake ~36 km northwest.
On May 11, 2021, BTU reported information from historic EM data, recently completed IP surveys and a Crone EM survey (“PEM”) that has resulted in the identification of priority targets on Pakwash North, with one interpreted to be laterally extensive and strongly mineralized. BTU also reported on June 1, 2021: “The strongest geophysical targets from the TNT geochemical-geophysical study are on the Pakwash North property and plans are being made to drill these targets in the coming months.”
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Under the terms of the underlying (2019) option agreement, GoldON can acquire a 100% interest in the original 80-claim-cell Bruce Lake Property from EMX Royalty Corp. (formerly Perry English) for cash payments totalling $51,500 over a three-year period ($4,500 was paid upon regulatory acceptance, $10,000 was paid on the 1st anniversary, $12,000 was paid on the 2nd anniversary and a final payment of $25,000 is due on the 3rd) and the issuance of 110,000 GoldON common shares that was paid over a two-year period. EMX Royalty will retain a 1.5% net smelter returns royalty, of which the Company may repurchase 0.75% for $400,000.