Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) is pleased to report that it has signed a purchase and sale agreement with a wholly owned Canadian subsidiary of Beaver Gold Corp. for the sale of 90% of the Company’s interest in the Brady Gold Project located in the Province of Newfoundland.
Beaver Gold is a Nevada-based company focused on the development of junior mining projects. In consideration for the purchase of the Brady Property interest, Beaver Gold shall issue to the Company such number of common shares of Beaver Gold as is equal to US$3.0 million divided by the price per share at which it closes its current non-brokered private placement financing. Subsequent to the financing, Beaver Gold intends on listing it’s common shares on the NASDAQ with a coincident initial public offering.
“With the sale of an interest in the Brady Property, Gold’n Futures has secured two important assets – being a significant shareholding in Beaver Gold and a retained 10% interest in a developing the Brady Property. In addition, the US$3.0 million share consideration received for the Brady Property represents a material return on our investment in Newfoundland. It is our intent to harvest the value of the Beaver Gold shares and to utilize the proceeds for the continuing exploration and development of the Company’s Hercules gold project and for the working capital of the Company.”
Commented, Stephen Wilkinson, President and CEO
The Brady Gold Project
The Project is located 50 kilometres south of the town of Grand Falls – Windsor in central Newfoundland and is approximately 80 kilometres southwest of the New Found Gold Corp. – Queensway gold project. The Brady Property comprises two mining licenses, 031339M and 27408M that include 38 claims covering approximately 950 hectares. The Reid Gold Zone is the main area of exploration and mineralization within the Project.
The Reid Gold Zone is classified as an intrusion-hosted style of gold mineralization. Several episodes of diamond drilling totaling 30 diamond drill holes and 6,350 metres of core have defined the zone over a strike length of 300 metres, a width of 250 metres and to a vertical depth of 225 metres. The zone is reportedly open along strike and to depth.
As of September 30th, 2021, Gold’n Futures reported a total of $861,348 invested in the Brady Property including both acquisition costs and exploration expenditures. To accelerate its acquisition of its 100% ownership in the Brady Gold Project, the Company has issued a further 2.5 million shares to the vender at a deemed price of $0.075 per share.
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Canada and is 40 km west of the Hardrock-Greenstone gold mine development. The property lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres and consists of 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical drilling totalling in the order of 537 holes with more than 107,000m of drill core. With surface grab samples grading up 10,374 g/t gold and channel samples up to 32.96 g/t gold across 11.6 m, the Hercules gold zones offer top tier targets for the expansion of its historical resources.
Gold’n Futures commenced its inaugural diamond drill program in December, 2021 with a planned 14 holes totalling 2,200 m.
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We acknowledge the [financial] support of the Government of Canada.