VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 2, 2017) - Taku Gold Corp. (CSE:TAK) (CSE:TAK.CN) (CNSX:TAK) ("Taku" or the "Company") is pleased to announce that it has entered into a property option agreement (the "Agreement") with Golden Predator Mining Corp. (TSX VENTURE:GPY)(OTCQX:NTGSF) ("Golden Predator") pursuant to which the Company has the option to acquire Golden Predator's 100% interest in the Sonora Gulch Property ("Sonora" or the "Property") located in the southern part of Yukon's White Gold District. View map: http://bit.ly/2vkrLdZ
Under the terms of the Agreement, Taku has issued 4,500,000 common shares to Golden Predator; and to exercise the option, Taku will be required to issue additional common shares to Golden Predator as follows:
- On the date that is 12 months from the closing date, 3,500,000 common shares of Taku, or that number of Taku common shares equal in value to $1,400,000 determined at a price per share equal to the volume weighted average price of Taku common shares ("VWAP") for the 10 consecutive trading days immediately prior to such anniversary date if the VWAP is greater than $0.40; and
- On the date that is 24 months from the closing date, 3,000,000 common shares of Taku, or that number of Taku common shares equal in value to $1,200,000 determined at a price per share equal to the VWAP for the 10 consecutive trading days immediately prior to such anniversary date if the VWAP is greater than $0.40.
The securities issued to Golden Predator pursuant to the Agreement will be subject to a statutory four month hold period from the date of issue. Taku will earn its 100% interest in Sonora upon completion of the share payments outlined above. Golden Predator will retain a 1.0% net smelter return royalty on production from the Property.
The Property includes 259 mineral claims (5,414 hectares) located approximately 110 kilometres northwest of the town of Carmacks along the winter access portion of the Casino Trail which extends from Carmacks to the Casino project located northwest of Sonora. The Property is located at the nexus of the White Gold District, which includes the Coffee and Golden Saddle gold deposits, and the Dawson Range Mineral Belt, which includes Capstone's producing Minto copper mine, the Casino, Cariboo Rose and Carmacks copper deposits, and the Freegold, Klaza and Mount Nansen advanced gold projects.
Prior to Golden Predator acquiring Sonora, extensive exploration was completed on the Property by Northern Tiger Resources Inc. from 2003 to 2011 including soil geochemical, geophysical, mapping and prospecting surveys, and 13,397 metres of drilling in 67 holes1. This work identified numerous gold-bearing areas including the Amadeus, Night Music and Gold Vein Porphyry zones where gold mineralization was intersected by the diamond drilling. In 2011, a National Instrument 43-101 Technical Report was filed on SEDAR by Northern Tiger recommending a 16,400 metre drill program on both structurally controlled gold-silver mineralization and bulk tonnage porphyry gold targets2. No work has been completed on the Property since 2011.
Zachery Dingsdale, President and CEO of Taku states, "We are delighted to obtain the high quality Sonora Gulch Gold project. It has a substantial data base with numerous highly prospective gold targets that merit aggressive drilling. Moreover, Sonora is located at the intersection of the White Gold District and Dawson Range Mineral Belt, both of which are amid an exploration boom. Sonora is a great complement to Taku's already large land package in the White Gold District."
Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
- Page. R.H. (2011) Technical Report on the Sonora Gulch Project, Yukon Territory. Prepared by Watts, Griffis and McQuat.
About Taku Gold Corp.
Taku Gold Corp. is a mineral resource company focused on the exploration and development of precious metal properties in Canada with an emphasis on the White Gold district of Yukon. Work is currently underway on the Rosebute/Lucky Joe and Sulphur properties.