TORONTO, ONTARIO – January 25, 2022 – Gold Hunter Resources Inc (“Gold Hunter” or the “Company”) (CSE: “HUNT”) is pleased to announce it has entered into two separate agreements arm’s length agreements pursuant to which the Company will acquire a 100% interest in eight mineral projects as an option to acquire a 100% interest in an additional one mineral project in the Province of Newfoundland and Labrador collectively known as the Rambler and Tilt Cove Projects.
The first agreement is a Property Purchase Agreement made between the Company and Fair Haven Resources Inc. (“Fair Haven”) dated January 27, 2022 (the “Fair Haven Acquisition Agreement”) pursuant to which the Company will acquire all of Fair Haven’s interest in the Rambler and Tilt Cove Projects, and six other projects in consideration for the payment of $250,000 and the issuance of 4,000,000 common shares to the 35 shareholders of Fair Haven, each shareholder receiving a number of common shares in proportion to such shareholder’s interest in Fair Haven. The common shares are subject to a four month statutory hold period expiring on May 22, 2022. Fair Haven has retained a 2% net smelter returns royalty on the Property (the “NSR”). The Company holds the right to buy back 50% of the NSR at any time for $1,000,000. In addition, the Company holds a right of first refusal in connection with any proposed sale or transfer of the NSR by Fair Haven. It is anticipated that the closing of the Property Purchase Agreement will occur on or about January 31, 2022.
A 6% finder’s fee is payable to Canal Front Investments Inc. in connection with the Fair Haven Acquisition Agreement consisting of $15,000 cash and 240,000 common shares. All shares issued to the Fair Haven shareholders and the finder will be subject to a statutory hold period of four months following closing.
The second agreement is a Property Option Agreement made among the Company and Unity Resources, Gary Lewis, Jerry Jones, Nicholas Rodway, Aubrey Budgell and Paul Delaney (the “Marwan Optionors”) dated January 27, 2022 (the “Marwan Option Agreement”) pursuant to which the Company has the option to acquire all of the Marwan Optionors’ interest in Rambler project by completing a series of cash payments to the Marwan Optionors totaling $1,695,000, issuing 10,300,000common shares to the Marwan Optionors and incurring $2,500,000 of expenditures, in stages over a period of five years as follows:
- pay $15,000 upon signing of the Marwan Option Agreement;
- pay $25,000 on or before December 1, 2022;
- pay $50,000 on or before December 1, 2023
- issue 1,500,000 common shares and incur $800,000 of property expenditures on or before July 1, 2024;
- pay $190,000 and issue 2,000,000 common shares on or before December 1, 2024;
- pay $415,000 and issue 2,800,000 common shares on or before December 1, 2025; and
- pay $1,000,000 and issue 4,000,000 Shares and incur a further $1,700,000 of property expenditures on or before December 1, 2026.
An 8% finder’s fee is payable to Canal Front Investments Inc. and Sean Kingsley (each as to 4%) in connection with the Marwan Option Agreement consisting of cash and common shares. The finder’s fee will be payable in proportionate increments over the five year span of the Marwan Option Agreement as payments and share issuances are made by the Company. All shares issued to the Marwan Optionors and the finders will be subject to a statutory hold period of four months following the date of issuance.
Richard Macey, President and CEO states: “The two main acquisitions, the Rambler properties, and the Tilt Cove properties represent significant exploration discovery potential for the company with little to no modern exploration activity having been completed. Both properties have outcropping massive sulphide mineralization at surface located on the property that have yet to be drill tested in modern times. The properties are located under the headframe of previous and currently producing mines. The company intends to confirm a drilling program in Q2 2022”.
Mineral Claims Acquired
Table 1 below sets out the details of the claims comprising A total of eight new projects have been acquired on the Baie Verte Peninsula, Great Northern Peninsula, and Central Newfoundland (See Figure 1 below), including the Rambler and Tilt Cove projects which are located adjacent to known productive VHMS deposits (see Figure 2 below):
Table 1: Schedule 1 – Mineral claims
|License Number||Property Name||Title Holder||No. Claims||Issue Date||License Expiry Date||Anniversary Date||Area (ha)|
|011507M||Fair Haven||Fair Haven Resources Inc.||10||2005-12-22||2025-12-22||2021-12-22||250.00|
|019026M||Fair Haven||Fair Haven Resources Inc.||6||2011-05-26||2026-05-26||2023-05-26||150.00|
|019060M||Fair Haven||Fair Haven Resources Inc.||5||2011-06-03||2026-06-03||2022-06-03||125.00|
|025548M||Fair Haven||Fair Haven Resources Inc.||32||2017-12-07||2022-12-07||2022-12-07||800.00|
|030871M||Fair Haven||Fair Haven Resources Inc.||27||2020-06-06||2025-06-06||2023-06-06||675.00|
|031800M||Fair Haven||Fair Haven Resources Inc.||23||2020-12-31||2025-12-31||2022-12-31||575.00|
|019158M||Fair Haven||Fair Haven Resources Inc.||9||2011-07-31||2026-07-21||2022-07-21||225.00|
|020510M||Fair Haven||Fair Haven Resources Inc.||13||2012-10-18||2022-10-18||2023-10-18||325.00|
|032148M||Fair Haven||Fair Haven Resources Inc.||30||2021-03-12||2026-03-12||2023-03-12||750.00|
|031280M||Fair Haven||Fair Haven Resources Inc.||17||2020-10-11||2025-10-11||2022-10-11||425.00|
|031281M||Fair Haven||Fair Haven Resources Inc.||43||2020-10-11||2025-10-11||2022-10-11||1,075.00|
|031299M||Fair Haven||Fair Haven Resources Inc.||30||2020-10-17||2025-10-17||2022-10-17||750.00|
|031300M||Fair Haven||Fair Haven Resources Inc.||42||2020-10-17||2025-10-17||2022-10-17||1,050.00|
|031301M||Fair Haven||Fair Haven Resources Inc.||20||2020-10-17||2025-10-17||2022-10-17||500.00|
|031498M||Fair Haven||Fair Haven Resources Inc.||50||2021-05-10||2026-05-10||2022-05-10||1,250.00|
|032771M||Fair Haven||Fair Haven Resources Inc.||45||2021-06-19||2026-06-19||2022-06-19||1,125.00|
|032982M||Fair Haven||Fair Haven Resources Inc.||26||2021-07-02||2026-07-02||2022-07-02||650.00|
|032983M||Fair Haven||Fair Haven Resources Inc.||20||2021-07-02||2026-07-02||2022-07-02||500.00|
|033160M||Fair Haven||Fair Haven Resources Inc.||83||2021-07-25||2026-07-25||2022-07-25||2,075.00|
|025547M||Marwan||Unity Resources Inc.||19||2017-12-07||2022-12-07||2021-12-07||475.00|
|025549M||Marwan||Gary E. Lewis||24||2017-12-07||2022-12-07||2021-12-07||600.00|
|025552M||Marwan||Gary E. Lewis||6||2017-12-07||2022-12-07||2022-12-07||150.00|
Figure 1: Gold Hunter Resources Inc Marwan and Fairhaven Claims Disposition.
Figure 2: The Rambler Project, and Tilt Cove Project Claims disposition and adjacent claims holders in the Baie Verte Peninsula Area, Newfoundland.
- The Rambler Project on the Baie Verte Peninsula, proximal to the currently producing Ming Mine, and Rambler Metals and Anaconda’s currently producing gold mines. The Project comprises 5 Claims for a total of 3,800 ha. The project is situated along strike from the currently producing Ming Mine with outcropping massive sulphide mineralization and former mine workings on the property. The combined property hosts up to 25 known mineral showings and outcropping massive sulphide mineralization along strike of the operating Ming Mine, and on numerous adjacent mineralized trends. See figure 3 below.
- The Tilt Cove Project on the Baie Verte Peninsula adjacent to the previously producing Tilt Cove Mine, and Anaconda Mining Tilt Cove Project. The project comprises 3 mineral claims for a total of 1,300 ha. The project is situated along strike from the historically producing Tilt Cove Mine with outcropping massive sulphide mineralization and former mine workings on the property. The amalgamated property hosts up to seven known mineral showings and a 1.5 km of mineralized corridor joining the Tilt Cove mine with Anaconda’s Tilt Cove project. See figure 4 below.
Figure 3: Rambler Project claims disposition, over regional Geology and known mineral showings.
Figure 4: Tilt Cove Project claims disposition, over regional Geology and known mineral showings
The additional properties acquired occur in proximity of known mineral showing and various developed projects and historically significant projects. Further work on these properties is anticipated during 2022 to adequately evaluate the prospectivity of the respective projects.
- Jacksons Arm west on the Great Northern Peninsula.
- Sops Arm (West) on the Great Northern Peninsula, adjacent to historically producing Browning Gold Mine.
- Taylors Pond on the Great Northern Peninsula, adjacent to Taylors Pond Project.
- Badger (North and South) in Central Newfoundland.
- Noel Paul (East) in Central Newfoundland.
- Harmsworth (West) in Central Newfoundland.
Qualified Person: Luke van der Meer, P.Geo is an independent consultant for the Company and a Independent Qualified Person as defined by National Instrument 43-101 Standards for Disclosure of Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.
About the Company
The Company is engaged in acquisition, exploration, and development of mineral property assets in Canada. The Company’s objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Cameron Lake East Project. The Issuer’s sole property is the Cameron Lake East Project, located in the Kenora Mining Division of northwestern Ontario, 75 km southeast of the town of Kenora.
For more information, please refer to the Company’s Prospectus dated January 21, 2021 available on SEDAR (www.sedar.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard Macey, President, Chief Executive
Officer and Director
The offered securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent such registration or an applicable exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities in any jurisdiction.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.