Nov 23 2010
Rencore Resources Ltd. (CNSX:RNC) has announced that it has entered into an option agreement to acquire a 100% interest in the mineral rights to 447 claim units totalling approximately 7,152 hectares (17,737 acres) in the Kabinakagami portion of the Dayohessarah-Kabinakagami greenstone belt.
The Lizar property is located approximately 100 km east of the Hemlo Gold camp and approximately 57 km northeast of the town of White River, Ontario. Thunder Bay, Ontario lies 330 km to the west southwest.
The Lizar property is host to numerous gold, nickel, copper and platinum group element showings that are indicative of the multi-metal potential of this project.
Interest in this general area has been renewed by recent discoveries of Hemlo style disseminated, sulphide hosted, gold mineralization made by Harte Gold Corporation (see Harte press release dated November 10, 2010) The Harte Gold project is located approximately 25 km west of the Lizar property.
Immediate plans for the project include data review and interpretation, geological surveys, prospecting, geophysical surveys and follow up diamond drilling.
Terms of the agreement call for a payment of 500,000 shares and $60,000 on closing. The optional payments total 2,550,000 shares and $395,000 and an optional work commitment of $1,850,000 over a 4 year period to earn a 100% undivided interest that is subject to a 3% Net Smelter Royalty on all metal produced from the property. Half of the NSR (1.5%) may be purchased from the Optionors at any time prior to commercial production. A preproduction royalty of $60,000 will be paid to the vendors commencing in the fifth year of the agreement and will be paid for a total of 5 years and a maximum of $300,000. The preproduction royalty will be deducted first from any commercial production revenue in advance of any net smelter royalty payments.
Source: Rencore Resources Ltd.