Engineer Gold acquiring Tag property from C2C Gold
Engineer Gold Mines Ltd. [EAU-TSXV] has entered into a property purchase agreement with C2C Gold Corp. [C2OC-CSE], formerly Taku Gold Corp., to acquire a 10% interest in 41 mineral tenures situated within the Atlin mining division of northwestern British Columbia.
Option terms are $100,000 cash (paid), pay $100,000 by February 26, 2021, issue 2,000,000 common shares of Engineer within five days of TSX Venture Exchange approval and payment of 1% net smelter return royalty on the property.
The 1,070-hectare Tag property covers the 025 or Main Zone which contains an independent NI 43-101 historical mineral resource estimate including 250,000 tonnes of 2.97 g/t gold (cut) and 12.09 g/t silver (cut) indicated and 400,000 tonnes of 2.98 g/t gold (cut) and 9.91 g/t silver (cut) inferred, using a minimum core length of 2.0 metres and a cut-off grade of 3.0 g/t gold equivalent (combined gold and silver values), calculated on silver to gold ratio of 59.927. Engineer Andrew H. Rees, President of Engineer Gold Mines, said, “The Tag acquisition will be an exciting development for the company as it is a contiguous expansion of the north end of our Engineer Project. The significant exploration and development work already completed at Tag will provide a wealth of data to Engineer’s technical team and immediately enhance the geological understanding of the Engineer Project. The Company intends to complete the work necessary to classify the historic resource estimate as a current mineral resource.”
Engineer Gold Mines is focused on re-establishing gold production at its 100% owned, historical high-grade Engineer Gold Mine, 32 km southwest of Atlin, BC. Exploration and development work has identified numerous high-grade vein and shear-hosted bulk-tonnage gold targets over the company’s 25 km long (18,319 hectare) contiguous claim grouping, which includes prospects: Wann River, 5 km to the southwest; Happy Sullivan, 3 km to the northeast; and the TAG, 7 km to the north of the historical Engineer Mine.