Nov 20 2014
The management of Vantex Resources Ltd is pleased to announce two agreements with Atlanta Gold Inc. for the acquisition of 3 blocks of mining claims located in the Bousquet township, in Abitibi.
Two agreements have been reached:
- The Company purchased a 100 % stake in 2 mining blocks comprised of 13 claims comprising the Bousquet portion (Black Fly) of the Abitibi Property in exchange for 1,250,000 Common Shares of the Company and a one percent (1%) Net Smelter Returns Royalty.
- The Company purchased a 60% ownership interest in 27 claims comprising the Normar portion of the Abitibi Property interest in exchange for 2,455,000 Common Shares of the Company and a one percent (1%) Net Smelter Returns Royalty, applicable on the portion owned by Atlanta Gold. Breakwater Resources Ltd. ("Breakwater") (now wholly-owned by Nyrstar) holds the remaining 40% ownership.
These claims blocks are located within the very prolific Bousquet mining camp where gold deposits like Westwood ( Iamgold ) and LaRonde ( Agnico-Eagle ) are found as well as many historical gold deposits, such as the Doyon and the Mouska. These properties also border one of the most important gold producing faults in the world, the Cadillac- Larder Lake fault Along this fault are also the Lapa, Canadian Malartic and Barnat deposits (Agnico-Eagle) and many other showings and previous gold producers.
The Normar project includes many gold showings : Paquin, Decoeur, Normar or Calder Bousquet (zone 1). The adjacent neighbours of these claims are Agnico-Eagle, Iamgold, Hecla Mining, Falco Resources and Globex.
At the time of the acquisition of its 60% interest in the Normar claims, Atlanta Gold assumed obligations under pre-existing royalty agreements (the "Existing Royalties") on a pro-rata basis. Barrick Gold Corporation currently holds a one percent (1%) net smelter return royalty and Delfer Gold Mines, Inc. currently holds a five percent (5%) net profits royalty. The Company agreed that it shall promptly provide notice in writing to the holders of the royalties under the Existing Royalties.
The issuance of Common Shares of the Company shall be under a prospectus exemption and will be subject to a four-month statutory restricted period on resale and it is subject to the approval of the TSX Venture Exchange.
We are excited to enter the Bousquet mining camp. This township was almost a select club for big corporations. These acquisitions should help us when the gold market starts improving mentioned Mr. Guy Morissette, CEO of the company.
Source: http://www.vantexressources.com/