Canadian-based exploration company Gold’n Futures Mineral Corp. has announced that it has signed a definitive option agreement to procure a total of 34 mineral claims (the Option), spanning 850 ha.
Image Credit: shutterstock.com/Parilov
These mineral claims fully enclose the company’s existing Brady Gold Property, including its Reid Gold Zone.
- Upon full exercise of the Option, Gold’n Futures will transfer 100% title to the Claims, subject to a royalty of 2%
- The consideration to be paid in line with the Option is entirely common share consideration without any cash payment
- The Option extends the Brady Gold Property by around 9 times to 950 ha
- The Claims protect around 4½ km of conducive gold-related regional structure
- The Claims also comprise gold in soil anomalies and geophysical setting for gold mineralization
Gold’n Futures sees this Option as highly strategic and potentially very important to the ultimate advancement of our Brady gold project into production. We can confidently explore for the expansion of the Reid Gold Zone both along strike and to depth. Equally important, the Brady Gold Property gives our Company a significant beachhead in the vigorous and exciting exploration environment of Newfoundland.
Stephen Wilkinson, President and CEO, Gold’n Futures Mineral Corp.
Terms of the Option
To exercise the option agreement, Gold’n Futures will issue an aggregate of three million shares to the vendor over the next three years.
Once the shares are issued, the vendor will hold a Net Smelter Returns royalty of 2%. The assessment work needed for 2021 to sustain the claims is $8,500 or $250 for each claim.
The Brady Gold Project
The Brady Gold Project is situated 50 km south of the town of Grand Falls—Windsor in central Newfoundland and is about 80 km southwest of the New Found Gold Corp.—Queensway gold project. Gold’n Futures’ Reid Gold Zone is the central region of mineralization and exploration.
The Reid Gold Zone is defined as an intrusion-hosted style of gold mineralization. Many episodes of diamond drilling that totaled 6,350 m of core and 30 diamond drill holes have delineated the zone across a width of 250 m, a strike length of 300 m and a vertical depth of 225 m. The Reid Gold Zone is reportedly exposed along strike and to depth.
The final reported diamond drilling work on the Reid Gold Zone was made in 2011 when Golden Dory Resources Corp. finished an extra 2,638.54 m of core in eight holes (BO-11-23 to 30) and extended the BO-09-16 hole by another 147.08 m because this hole was terminated in mineralization back in 2009.
The program, which was reported to be successful, came across a few best grades drilled so far. This included BO-11-25 that intersected 25.45 m grading 1.48 g/t gold (Au), inclusive of 7.80 m grading 3.62 g/t Au.
At the beginning of summer in 2021, Gold’n Futures has planned to begin fieldwork exploration on the Brady Gold Project. Work has already started on compiling the historical geochemical, geophysical and geological studies to target some unexplained arsenic and gold, and geophysical anomalies occurring beyond the Reid Gold Zone.
Once it becomes practical, Gold’n Futures will commission a new high-definition airborne geophysical survey across the whole project claims to complement the old government regional survey. As soon as the compilation and airborne survey(s) are over, fieldwork will be done to explore altered and/or mineralized rocks in bedrock or float.
In line with the above, Gold’n Futures will lay out strategies for diamond drilling to infill and extend on the historical resources of the Reid Gold Zone, and to test any latest occurrences identified by its field programs. Besides this, drilling will be started once the required permits are received and may probably take place in or around September 2021.