November 22, 2017
Pursuant to the mineral property option agreement, Meguma Gold. has the right to explore and develop the Tay-LP gold property located approximately 47 kilometres southwest of Ross River, Yukon Territory.
In consideration of the Tay-LP option agreement, Meguma has agreed to pay $10,000 to Long and Associates. Further consideration consists of cash payment of $10,000 by Feb. 3, 2018, and a further $30,000 on or before Dec. 30, 2018, and further cash payments of $60,000 on or before Dec. 30, 2019; $80,000 on or before Dec. 30, 2020; and $160,000 on or before Dec. 30, 2021. Work commitments are $150,000 in 2018, $250,000 in 2019, $500,000 in 2020 and $1-million in 2021. The optionor will retain a 2-per-cent net smelter return upon completion of the terms to acquire 100 per cent of the property, with a $20,000 per year preproduction royalty paid on or before Dec. 30 of each year. This is repayable to optionee upon commencement of production and sale of product. In the event the option is cancelled, at any time, the optionee must insure all claims will have at least one year’s assessment work or will pay cash-in-lieu to the optionor.
The Tay-LP property consists of 413 claims covering a 20-kilometre-long by four-kilometre-wide belt of gold prospects (7,880 hectares). The property has good road access, favourable gold geology, multiple exploration targets and strong potential to make new gold discoveries. Several million dollars have been spent on the property since its discovery in 1984, by companies including Cominco, Newmont and most recently Canarc Resource Corp. A National Instrument 43-101 compliant technical report, prepared by David Dunn, PGeo, and James Moors, PGeo, for Canarc Resource, and available on SEDAR, states that the Tay-LP property has good potential to host an economic replacement type gold deposit. The technical report, dated March 30, 2010, recommended three major phases of work. The first phase consisting of a 470-kilometre helicopter borne VTEM and magnetometer geophysical survey was completed in May, 2010, and successfully identified several new EM conductors and magnetic anomalies within prospective geological settings. Meguma is currently having an updated NI 43-101 report written, which will include the results of the 2010 airborne geophysical program and recommendations for further work.
The proceeding is subject to prior TSX Venture Exchange acceptance.
About Meguma Gold
Meguma Gold is engaged in the business of acquiring, exploring and developing natural resource properties, with a focus on precious mineral properties/projects which have the potential for both near-term cash flow and significant exploration upside potential. Meguma’s White Caps gold project is near the town of Manhattan in Northern Nye county.